An analyst is evaluating a company by using a three-stage FCFF growth model. The analyst has gathered the following information:

• Current FCFF: $400 million

• Growth rate of FCFF in stage 1, Year 1–2: 15%

• Growth rate of FCFF in stage 2, Year 3–4: 10%

• Growth rate of FCFF in stage 3, Year 5 and thereafter: 4%

• WACC: 10%

• Required return for equity: 12%

The total value of the company is closest to: