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Harvey Gorman expects earnings of $90.5 million at the end of the year (at t=1 ) and to pay dividends of $39.0 million and buy

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Harvey Gorman expects earnings of $90.5 million at the end of the year (at t=1 ) and to pay dividends of $39.0 million and buy back shares worth $11.6 million. For the following 15 years, earnings should grow at 16.0% annually (until t=16 ), after which should grow at 3.5% for a long time. If the firm's 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 Gorman's equity? $ millions (Give answer to 2 decimal places)

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