• Candyland has a net income of $700,000, depreciation expense of $200,000, and capital expenditures of $150,000. Candyland has an expected constant growth rate in FCF of 2.1%, and an average tax rate of 42%. Assume the company has a debt-to-equity ratio of 0.25 (with $2 million in debt); the current equity beta is 1.16; the risk-free rate is 2%; and the market risk premium is 3.3%. 
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• Determine Candyland's net equity value. Round asset beta to three decimals, discount rate  to two decimals in percentage, and net equity value to the nearest dollar.