Assume an all equity firm has been growing at a 15% annual rate and is expected to continue to do so for 3 more years. At that time, growth is expected to slow to a constant 4% rate. The firm maintains a 30% payout ratio, and this year's retained earnings net of dividends were $1.4 million. The firm's beta is 1.25, the risk-free rate is 8%, and the market risk premium is 4%. If the firm has 1 million shares outstanding, what is the market value of the firm's common equity?