Free Cash Inc.'s cost of capital is estimated to be 8 percent. The free cash flows to the firm (FCFF) is estimated to be $5,750, $7,500, and $8,750 in each of the next three years. Free cash flows beyond year 3 are estimated to grow at an annual rate of 4 percent. Applying the growing perpetuity formula, the terminal value of Free Cash Inc. as of year 3 is estimated to be $227,500. Free Cash Inc.'s current value of existing debt is $59,266. Estimate the value of the equity of Free Cash Inc. by applying the free cash flow to the firm method.

The value of the equity of Free Cash Inc. by applying the free cash flow to the firm method is estimated to be $