Demon Corporation expects to generate free-cash flows of $200,000 per year for each of the next five years. Beyond the five years and into perpetuity, free cash flows are expected to grow at a constant rate of 5 percent per year forever. The firm's weighted average cost of capital is 15 percent. The firms market value of debt is $500,000 and there is no preferred stock. What is the market value of Demon Cop. equity?