Current Free cash flows = $17,724,000

Growth rate for three years = 8%

Free cash flows for year 1 = $17,724,000*1.08 = $19,141,920

Free cash flows for year 2 = $17,724,000*1.082 = $20,673,273.60

Free cash flows for year 3 = $17,724,000*1.083 = $22,327,135.49

WACC = 11.17%

Present value of free cash flows at High growth phase = $19,141,920/1.1117 +

$20,673,273.90/1.11172 + $22,327,135.49/1.11173 = $50,196,847.36

Perpetual growth rate after three years = 2.5%

Free cash flow for year 4 = $17,724,000*1.084 = $24,113,306.33

Using constant growth rate model,

Terminal value at the end of year 3 = FCF for year 4/(WACC-Growth rate) =
$24,113,306.33/(0.1117-0.025) = $278,123,487.05

Total present value of the company = $50,196,847.36 + $278,123,487.05 =

$328,320,334.41