Data Collected (in millions of dollars) Year 1 Year 2 Year 3 EBIT $20.0 $24.0 $30.0 Interest expense 4.0 4.4 4.8 Debt 30.8 36.4 39.2 Total net operating capital 117.4 119.7 122.0 Globo-Chem Co. is a publicly traded company, and its market-determined pre-merger beta is 1.60. You also have the following information about the company and the projected statements: . Globo-Chem currently has a $34.00 million market value of equity and $22.10 million in debt. The risk-free rate is 4%, there is a 6.10% market risk premium, and the Capital Asset Pricing Model produces a pre-merger required rate of return on equity ral of 13.76%. Globo-Chem's cost of debt is 6.00% at a tax rate of 40%. The projections assume that the company will have a post-horizon growth rate of 5.00%. . Current total net operating capital is $114.0, and the sum of existing debt and debt required to maintain a constant capital structure at the time of acquisition is $28 million. The firm does not have any nonoperating assets such as marketable securities. Given this information, use the adjusted present value (APV) approach to calculate the following values involved in merger analysis. (Note: Only round intermediate calculations when entering them as a final answer.) Value Unlevered cost of equity 10.70% Horizon value of unlevered cash flows $275.44 million Horizon value of tax shield Unlevered value of operations Value of tax shield Value of operations Thus, the total value of Globo-Chem's equity is