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Darno Corp. has a stable debt-to-equity ratio of 42%. The required return on the company's unlevered equity is 13.25% and the pre-tax cost of the

Darno Corp. has a stable debt-to-equity ratio of 42%. The required return on the company's unlevered equity is 13.25% and the pre-tax cost of the firm's debt is 5.71%. Sales revenue for the company is expected to remain stable indefinitely at last year's level of $34,573,200. Variable costs amount to 55% of sales. The tax rate is 24% and the company distributes all its earnings as dividends at the end of each year. What is the value of the firm?

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