A new firm has just started doing business. The firm will generate free cash flows of $5,100,000 per year in perpetuity. The first cash flow will be received 1 year from today. The firm is financed with debt and equity. There are no preferred shares. 32% of the firm's assets are financed with equity. The unlevered cost of equity is 12.1%. The company's cost of debt is 6.7%. What is the value of the debt in a perfect world?

Your answer should be accurate to two decimal places.