ABC Inc. owns assets that will be worth $55,200,000 one year from now in the good state and the assets will be worth $18,200,000 one year from now in the bad state. The probability of the good state happening is 86%. The risk-free rate of interest is 4.4%. The required rate of return on ABC's assets is 10.9%. The company is operating in a perfect capital market. The company has a zero coupon bond with a face value of $8,100,000 due in 1 year. What is the current value of its equity. Your answer should be accurate to two decimal places.

ANSWER: $37,345,076