Value of Flag enterperise

Flag enterprises is expected to have a free cash flow in the coming year $8 million and this free cash flow is expected to grow at an annual rate of 3% , thereafter in the foreseeable future. Flag has an equity cost of capital of 13% , a (pre-tax) cost of debt 7% and it is in the 35% tax bracket , IF flag maitains .05 debt-to-equity ratio then the value of flag as a levered company is ??? The right answer is 111 million , i am getting around 81-81 million i dont know what am i doing wrong

Super If D/E = 0.5 , then D/E = 1/2 and D+E=3. Weight Equity (We) = 2/3 Weight Debt (Wd) = 1/3 WACC = 0.6667 * 0.13 (Ke) + 0.3333 * 0.07 * 0.65 (Kd) = 10.183% Value = E(FCF) / (WACC-g) = 8,000,000 / (0.10183 - 0.03) = 111,374,078

thankss !!! *thumbs up*