Question: Year 1 2 3 4 5 6 7 8 9 10 Asset value 10.00 11.20 12.54 14.05 15.31 16.69 18.19 19.29 20.44 21.67 Earnings 1.20

Year 1 2 3 4 5 6 7 8 9 10
Asset value 10.00 11.20 12.54 14.05 15.31 16.69 18.19 19.29 20.44 21.67
Earnings 1.20 1.34 1.51 1.69 1.84 1.92 2.00 2.03 1.64 1.73
Net investment 1.20 1.34 1.51 1.26 1.38 1.50 1.09 1.16 1.23 1.30
Free cash flow (FCF) 0.00 0.00 0.00 0.42 0.46 0.42 0.91 0.87 0.41 0.43
Return on equity (ROE) 0.12 0.12 0.12 0.12 0.12 0.115 0.11 0.105 0.08 0.08
Asset growth rate 0.12 0.12 0.12 0.09 0.09 0.09 0.06 0.06 0.06 0.06
Earnings growth rate 0.12 0.12 0.12 0.09 0.04 0.04 0.01 0.19 0.06
What is the value of the concatenator business? (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.)

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