11) Jacob's Corp. had a free cash flow last year (i.e., FCF) of $3 million. Their free cash flows are expected to grow at a constant rate of 6% in the future. Their stock has a beta of 2 and they have $21 million in debt, which has a 9% annual interest rate. Their capital structure is comprised of 50% debt and 50% equity. The risk-free rate of interest is 4% and the market risk premium is 7%. Their tax rate is 40%. What is the value of their equity using the corporate valuation model