Landon Air is a new airline that makes roundtrip flights just between Indianapolis and Boston. It has EBIT of $45 million, interest expense of $6.54 million, no change in net working capital, depreciation expense of $10 million, and capital expenditures of $3 million. Landon Air has an expected constant growth rate in FCF of 3 percent and an average tax rate of 21 percent. Assume that it has a debt-to-equity ratio of .4 (with $100 million of debt); the current equity beta is 1.2; the risk-free rate is 4 percent; and the market risk premium is 7 percent. Landon Air pays no dividends. What is Landon Air’s current equity value?