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Harvey Gorman expects earnings of $94.0 million at the end of the year (at t=1 ) and to pay dividends of $43.0 million and buy

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Harvey Gorman expects earnings of $94.0 million at the end of the year (at t=1 ) and to pay dividends of $43.0 million and buy back shares worth $11.6 million. For the following 16 years, earnings should grow at 15.0% annually (until t=17 ), 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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