Consider the following company,

Book Value of Debt $$59$ million

YTM $7\%$

Coupon $5\%$

Coupon Payments semi$-$annually

Years $20$

Corporate Tax Rate $38\%$

# of Preferred Shares $1$ million

Price of Preferred Share $$22$

Dividend per Preferred Shares $$1\mathrm{.}09$

# of Common Shares $9$ million

Price of Common Share $$17$

$\backslash$beta

of Common Stock

$0\mathrm{.}5$

Risk$-$Free Rate $2\%$

Market Return $11\%$

What is the market value of the equity? Enter your answer in terms of millions.

Enter your response below.

Number

million

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