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Harvey Gorman expects earnings of $$85.5 million at the end of the year (at t=1) and to pay dividends of $$40.5 million and buy back

Harvey Gorman expects earnings of $$85.5 million at the end of the year (at t=1) and to pay dividends of $$40.5 million and buy back shares worth $$11.6 million. For the following 13years, earnings should grow at 17.4% annually (until =14), after which should grow at 3.5% for a long time. If the firms cost of equity capital is 13.2% and the dividend and repurchase rates are expected to stay unchanged, what is the total market value of the Harvey Gormans equity?

$$ millions (Give answer to 2 decimal places)

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