Free Cash Inc. is expected to have free cash flow to equity next year (FCFE₁) equal to $9 million as well as free cash flow to firm next year (FCFF₁) equal to $12 million. The growth rate of both FCFE and FCFF is expected to be equal to 3% in perpetuity. The cost of equity for Free Cash Inc. is 18% while their after-tax cost of debt is equal to 8%. The debt-to-equity ratio (D/E) of Free Cash Inc. is equal to 1. What is the intrinsic value of Free Cash Inc.'s debt: