Bettinger Airlines is proposing to go public, and you have been given the task of estimating the value of its equity. Management plans to maintain debt at 40% of the company's present value, and you believe that at this capital structure the company's debtholders will demand a return of 5% and stockholders will require 12%. The company is forecasting that next year's operating cash flow (depreciation plus profit after tax at 35%) will be $50 million and that investment expenditures will be $20 million. Thereafter, operating cash flows and investment expenditures are forecast to grow in perpetuity by 4.5% a year. What is the total value of Bettinger Airlines (in millions)