FinCorp’s free cash flow to the firm is reported as $305 million. The firm’s interest expense is $42 million. Assume the corporate tax rate is 21% and the net debt of the firm increases by $5 million. What is the market value of equity if the FCFE is projected to grow at 3% indefinitely and the cost of equity is 12%? (Round your answer to 2 decimal places.)

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