ABC operates in a perfect world. The company's unlevered cost of equity is 11.6 percent. The company's cost of debt is 5.6 percent. One year from today the company's assets will be worth $33,900,000 in the good state. One year from today the company's assets will be worth $17,100,000 in the bad state. The probability of the good state occurring is 55% and the probability of the bad state occurring is 45%. The company has a zero coupon bond outstanding with a face value of of $9,200,000. The bond matures in 1 year. What is the value of the equity today?