ABC Inc. owns assets that will be worth $75,400,000 one year from now in the good state and the assets will be worth $21,600,000 one year from now in the bad state. The probability of the good state happening is 85%. The risk-free rate of interest is 4.3%. The required rate of return on ABC's assets is 11.3%.

The company is operating in a perfect capital market. The company has a zero coupon bond with a face value of $10,800,000 due in 1 year.

What is the current value of its equity. Your answer should be accurate to two decimal places.