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A company has 3,200,000 shares outstanding that sell for $15.25 per share. The company's stock has a beta of 1.6. Assume the market risk premium

A company has 3,200,000 shares outstanding that sell for $15.25 per share. The company's stock has a beta of 1.6. Assume the market risk premium is 9.25%, the risk-free rate is 1.75%, and the corporate tax rate is 20%. What is this companys market value of equity?

Do not round intermediate calculations. Round the final answer to 2 decimal places.

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