A company has 700,000 shares of stock outstanding that sell for $14.75 per share. The company has a beta of 1.35. Assume the risk-free rate is 4%, the market risk premium is 6%, and the corporate tax rate is 30%. What is the market value of this companys equity?

Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit any commas and the $ sign in your response. For example, an answer of $1,000.50 should be entered as 1000.50.