This question uses the same data as the previous question, repeated below: On December 31, 2016, Silver Lane Partners, a private equity firm, acquired the operations of Baezmore Telecom (BT), a company with last twelve months (LTM) EBITDA of \$882.7 million at an enterprise value amounting to 8.0 times LTM EBITDA. At the date of the acquisition, BT had noncontrolling interests with a market value of $30.0 million, debt of $50.0m, equity investments valued at $8.0m, and cash of $20.0m. As part of the deal, all the noncontrolling interests were acquired (at their market value) and all existing debt was refinanced. To fund the buyout, Silver Lane was able to secure $250 million in debt financing at a 10.0% rate of interest (to be paid annually at each year end on the debt outstanding). Transaction fees due in cash at the purchase date were $3.0 million, while financing fees due in cash at purchase date totaled $1.0 million. None of BT's cash balances were used to fund the buyout. In addition, Silver Lane made the following assumptions about BT's future growth: - EBITDA will grow by 8.0% annually over the next 5 years. - BT would be sold on December 31, 2021 at an 8.0x LTM EBITDA multiple. - BT will be able to reduce its debt down $5.0m each year from $250.0 million to $225.0 million by December 31,2021 . - Cash will decline $3.0m each year to $5.0 million by December 31, 2021. - The value of equity investments will grow by 10% annually. Calculate the equity value at exit. 10,343.70 10,132.90 10,168.70 10,088.70 10,118.70