After reading all about the tax advantages of having a high leverage ratio, the CEO of LevCo is considering a leveraged recapitalization and wants to know the value of his firm subsequent to the recap. The firm currently has $$27$ million in assets and $$12$ million in debt and is interested in taking on an additional $$8\mathrm{.}6$ million in debt. LevCo$$s debt yields $8\%$ and is expected to the new debt level in perpetuity. LevCo is expected to produce unlevered cash flows $($i$.$e$.,$ CFA$)$ next year of $$7\mathrm{.}0$ million per year, growing at $3\%$ annually.

LevCo$$s closest competitor, a pure$-$play firm in the same business as LevCo, has a debt$-$to$-$equity ratio of $0\mathrm{.}5$ and an equity beta of $1\mathrm{.}25.$ Ten$-$year treasuries currently yield $2\mathrm{.}3\%$ and the expected return on the S&P $500$ is $10\mathrm{.}0\%$ per annum. The marginal corporate tax rate is $21\%.$

Using the information above regarding LevCo and if you discount the interest tax shields at the unlevered cost of equity, what is the value of the enterprise $($market value of assets$)$ using the APV method? Enter your response in millions, rounded to two decimal places.