Angry Pete's Four Wall Demolition Co. expects earnings at the end of this year (at t=1) of $13.0 million. It plans to make a total payout of dividends and share repurchases of $4.2million. Reinvested retained earnings are estimated to have a 25.0% ROI. At the end of year 2 (at t=2), the firm plans a total payout of $$5 million, and reinvest any retained earnings at 18.0% ROI. Finally, at the end of year 3 (at t=3), the total payout is estimated at $$11.0 million with reinvested retained earnings at 5.2% ROI. From then on, total payout rates and ROI should remain constant for the distant future. If the equity cost of capital is 13.0%, what is the market value of equity?

$$ million (Give answer to 2 decimal places)