Gumede Ltd reported free cash flows to the firm of R78.1 million, after tax interest expense to the firm of R6.4 million, and the firm also paid off debt totalling R2.2 million. The free cash flow to equity holders (FCFE) is expected to grow by 22.1% but eventually settle at a stable maturity growth rate of 6.2% in 18 years. The corporate tax rate is 30%. Use the H-model to calculate the value of equity if the required rate of return is 15.9% (Round off final answer to two decimal places).