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Chaney Corp. has an EBIT of $1.31 million per year that is expected to continue in perpetuity. The unlevered cost of equity for the company

Chaney Corp. has an EBIT of $1.31 million per year that is expected to continue in perpetuity. The unlevered cost of equity for the company is 11%, and the corporate tax rate is 36%. The company also has a perpetual bond issue outstanding with a market value of $2.9 million.

What is the value of Chaney? (Round answer to 0 decimal places. Do not round intermediate calculations)

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