A firms debt is publicly traded and recently quoted at 95% of face value. The debt has a total face value of $5 million and is currently priced to yield 6%. The company has 2 million shares of stock outstanding that sell for $10 per share. The company has a beta of 1.5. The risk-free rate is 3%, the market risk premium is 8%, and the corporate tax rate is 35%. What is the market value of the companys equity?