ABC Inc, sells chemicals and systems for cleaning, sanitizing and maintenance. It reported earnings of $ 200 million in 2003, and expected earnings growth of 15% a year from 2004 to 2006 and 6% a year after that. The capital expenditure was $ 200 million, and depreciation was $ 100 million in 2003. Both were expected to grow at the same rate as earnings from 2004 to 2006. Sales were $ 1 billion in 2003, and were expected to increase 10% from 2004 to 2006, and 5% a year after that. Working capital investment was 4.5 million in 2003 and was expected to grow at the same rate as sales. The firm had a debt ratio [D/(D+E)] of 5%, but planned to finance future investment needs (capital expenditure and working capital investments) using a debt ratio of 20%. The stock was expected to have a beta of 1 for the period of the analysis, the Treasury bond rate was 6.50% and the market risk premium was 5.5%. Assuming that capital expenditures are 150% of depreciation after 2006, estimate the value of equity at the end of 2003 (depreciation grow at the same rate as earnings after 2006).