Consider the table given below to answer the following question.

	Year
	1		2		3		4		5		6		7		8		9		10
Asset value	11.00		12.43		14.05		15.87		17.46		19.20		21.13		22.60		24.19		25.88
Earnings	1.43		1.62		1.83		2.06		2.27		2.40		2.54		2.60		2.18		2.33
Net investment	1.43		1.62		1.83		1.59		1.75		1.92		1.48		1.58		1.69		1.81
Free cash flow (FCF)							0.48		0.52		0.48		1.06		1.02		0.48		0.52
Return on equity (ROE)	0.13		0.13		0.13		0.13		0.13		0.125		0.12		0.115		0.09		0.09
Asset growth rate	0.13		0.13		0.13		0.10		0.10		0.10		0.07		0.07		0.07		0.07
Earnings growth rate			0.13		0.13		0.13		0.10		0.06		0.06		0.03		0.16		0.07

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 10% cost of capital. (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.)

what is the present value in millions