Big Z Chicken is a private fast food business located in Georgia. The company sells franchises in the chicken business and charges a 7.00% royalty on all sales of its stores. Here is a quick summary of Big Z company financials: \begin{tabular}{lr} Company Data & Fiscal Year 2020 \\ \# of Stores & 513.00 \\ Revenues per store & $1,000,000.00 \\ Royalty on sales & 1.00% \\ EBITDA Margin on Sales & 15.00% \\ & \\ Balance Sheet Data & Fiscal Year 2020 \\ Interest bearing debt & $15,000,000.00 \\ Shareholder equity & $12,000,000.00 \\ Cash and Marketable Securities & $4,000,000.00 \end{tabular} We will compare Big Z against Chick-Today, a leader in the fast food business, that has an enterprise value of $405.00 billion and EBITDA of $100.00 billion. Using Chick Today's multiple and Big Z financial data, what is the value of Big Z's equity? Answer format: Currency: Round to: 2 decimal places