3. [10 pts] Chung-Ang Sandwich Club owns two identical restaurants popular for their specialty sandwiches. Each restaurant has a debt to equity ratio of 0.4 and makes interest payments of $20,000 at the end of each year. The cost of the firm's levered equity is 20%. Each store estimates that annual sales will be $1 million; annual cost of goods sold will be $500,000; and annual general and administrative costs will be $300,000. These cash flows are expected to remain the same forever. The corporate tax rate is 40%. Using the flow to equity approach (FTE), what is the total value of the company