9 Consider the table given below to answer the following question. 6.66 points 1 2 11.60 12.65 1.65 1.90 1.65 1.90 3 14.55 2.18 2.18 Asset value Earnings Net investment Free cash flow (FCF) Return on equity (ROE) Asset growth rate Earnings growth rate Year 4 5 6 7 8 9 16.73 18.74 20.99 23.50 25.62 27.93 2.51 2.81 3.29 3.46 3.07 2.91 2.25 2.52 2.12 2.31 2.51 0.50 0.56 0.52 1.18 1.15 0.56 0.15 0.15 0.145 0.14 0.135 2.11 0.12 0.12 0.12 0.09 0.09 0.09 0.15 0.12 0.00 0.08 e.es -0.11 1e 30.44 3.35 2.74 0.61 8.11 0.09 8.09 0.15 0.15 0.15 8.15 0.15 0.15 0.15 0.15 eBook References Assuming that competition drives down profitability (on existing assets as well as new investment) to 14.5% in year 6,14% in year 7. 13.5% in year 8, and 11% in year 9 and all later years. What is the value of the concatenator business? Assume 14% cost of capital. (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.) Present value million