Grammy phone is a cellular firm that reported a net income of $50 million in the most recent financial year. The firm had $1 billion in debt, on which it reported interest expenses of $100 million in the most recent financial year. The firm had depreciation of $100 million for the year and capital expenditures were 200% of depreciation. The firm had a cost of capital of 11%. Assuming that there is no working capital requirement, and using a constant growth rate of 4% in perpetuity, estimate the value of the firm. Also assume that the risk premium is 5.5% and the tax rate is 40%.