ABB Plc will generate a cash flow of 2000 before interest and tax in one period from now. The market expects this cash flow to grow at a rate of 3% per year. ABB pic will make no net investments or changes to net working capital. The corporate tax rate is 40%. ABB plc will have 5000 of risk free debt in issue. The firm plans to keep a constant debt to equity ratio. Accordingly, on average, debt will also grow by 3% per year. Suppose the annual risk free rate is 5%, while the expected market return is 11% per annum. The asset beta is 1.11.

What would the market value be if ABB was an all equity financed firm.