1. Flagstaff Enterprises expected to have free cash flow in the coming year of $8 million, and this free cash flow is expected to grow at a rate of 3% per year thereafter. Flagstaff has an equity cost of capital of 13%, a debt cost of capital of 7%, and it has a 18% corporate tax rate. If Flagstaff currently maintains a 0.5 debt to equity ratio, then the value of Flagstaff as a levered firm is closest to ($ million) (2 decimal places):

2. Enterprises expected to have free cash flow in the coming year of $7 million, and this free cash flow is expected to grow at a rate of 3% per year thereafter. Flagstaff has an equity cost of capital of 13%, a debt cost of capital of 7%, and it has a 21% corporate tax rate. If Flagstaff currently maintains a 0.5 debt to equity ratio, then the value of Flagstaff as an all-equity firm would be closest to ($ million) (2 decimal places):