Consider the table given below to answer the following question. 1 13.00 1.69 1.69 2 14.69 1.91 1.91 3 16.60 2.16 2.16 Asset value Earnings Net investment Free cash flow (FCF) Return on equity (ROE) Asset growth rate Earnings growth rate 4 18.76 2.44 1.88 0.56 0.13 0.10 0.13 Year 5 6 20.63 22.70 2.68 2.84 2.06 2.27 0.62 0.57 0.13 0.125 0.10 0.10 0.10 0.06 7 24.97 3.00 1.75 1.25 0.12 0.07 0.06 8 26.71 3.07 1.87 1.20 0.115 0.07 0.03 9 28.58 2.57 2.00 0.57 0.09 0.07 -0.16 10 30.58 2.75 2.14 0.61 0.09 0.07 0.07 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 Assuming that competition drives down profitability (on existing assets as well as new investment) to 12.5% in year 6, 12% in year 7, 11.5% in year 8, and 9% in year 9 and all later years. What is the value of the concatenator business? Assume 11% cost of capital. (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.) Answer is complete but not entirely correct. Present value $ 12.00 million Consider the table given below to answer the following question. 1 13.00 1.69 1.69 2 14.69 1.91 1.91 3 16.60 2.16 2.16 Asset value Earnings Net investment Free cash flow (FCF) Return on equity (ROE) Asset growth rate Earnings growth rate 4 18.76 2.44 1.88 0.56 0.13 0.10 0.13 Year 5 6 20.63 22.70 2.68 2.84 2.06 2.27 0.62 0.57 0.13 0.125 0.10 0.10 0.10 0.06 7 24.97 3.00 1.75 1.25 0.12 0.07 0.06 8 26.71 3.07 1.87 1.20 0.115 0.07 0.03 9 28.58 2.57 2.00 0.57 0.09 0.07 -0.16 10 30.58 2.75 2.14 0.61 0.09 0.07 0.07 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 Assuming that competition drives down profitability (on existing assets as well as new investment) to 12.5% in year 6, 12% in year 7, 11.5% in year 8, and 9% in year 9 and all later years. What is the value of the concatenator business? Assume 11% cost of capital. (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.) Answer is complete but not entirely correct. Present value $ 12.00 million