Analysts expect the Rumpel Felt Company to generate EBIT of $45 million annually in perpetuity (starting in one year). Rumpel is all equity financed and its stockholders require a return of 15%. If Rumple borrows $140 million (interest-only in perpetuity) with a cost of debt of 2%, what will the equity be worth? Assume Rumpel operates in Utopia where corporate taxes are zero.

$_____million