FinCorp’s free cash flow to the firm is expected to be $50 million. The firm’s interest expense is $12 million. Assume the tax rate is 35% and the net debt of the firm remains the same. What is the market value of equity if the FCFE is projected to grow at 2% indefinitely and the cost of equity is 12.5%?  Enter your answer in millions, rounded to one decimal place (e.g., 2.1 for $2.1 million).

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