After putting together a five-year forecast for a possible acquisition, an investment banker must now put a value on the perpetuity beyond Year 5. Invested capital at the end of Year 5 is forecast to be $600,000. Beyond Year 5, the growth rate is assumed to be 4% per year forever, and ROIC after Year 5 will be 9%. At a WACC of 8%, what is the horizon value of the FCF perpetuity? That is, what is the value as of the end of Year 5 of the perpetuity of free cash flow that begins in Year 6? Ignore mid-year discounting. $600,000 $675,000 $800,000 $1,000,000 $750,000.