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 $8.7 million in debt. LevCos debt yields 8% and is expected to the new debt level in perpetuity. LevCo is expected to produce unlevered cash flows next year of $3.9 million per year, growing at 3% annually. LevCos closest competitor, a pure-play firm in the same business as LevCo, has a debt-to-equity ratio of 0.5 and an equity beta of 1.25. Ten-year treasuries currently yield 2.3% and the expected return on the S&P 500 is 10.0% per annum. The marginal corporate tax rate is 40%. 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.