Consider the table given below to answer the following question. The long-run growth rate is projected at 6% and discount rate is 10%. 1 2 3 4 5 8 9 10 6 7 13.35 14.56 15.43 16.35 17.34 1.31 1.39 8.00 8.96 10.04 11.24 12.25 0.96 1.08 1.20 1.35 1.47 1.54 1.60 1.62 0.96 1.08 1.20 1.01 1.10 1.20 0.87 0.93 0.98 1.04 0.34 0.37 0.33 0.73 0.69 0.33 0.35 0.12 0.12 0.115 0.11 0.105 0.08 0.08 0.09 0.09 0.09 0.06 0.06 0.06 0.06 0.12 0.09 0.04 0.04 0.01 -0.19 - 0.06 Year Asset value Earnings Net investment Free cash flow (FCF) Return on equity (ROE) Asset growth rate Earnings growth rate 0.12 0.12 Present value Assuming that competition drives down profitability (on existing assets as well as new investment) to 11.5% in year 6. 11% in year 7, 10.5% in year 8, and 8% in year 9 and all later years. What is the value of the concatenator business? (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.) 0.12 0.12 0.12 0.12 0.12 0.12 million

Consider the table given below to answer the following question. The long-run growth rate is projected at 6% and discount rate is 10%. Assuming that competition drives down profitability (on existing assets as well as new investment) to 11.5% in year 6.115 in year 7 . 10.5% in year 8 , and 8% in year 9 and all later years. What is the value of the concatenator business? (Do not round intermediote calculations. Enter your onswer in millions rounded to 2 decimol ploces.)