Hyper, Inc. reported earnings before interest and tax of $30 million for the most recent year. Depreciation expense totaled $15 million and capital expenditures came to $5 million. Free cash flow is expected to grow at a rate of 3% in perpetuity. The corporate tax rate is 21%. The company has $75 million in debt outstanding. Its weighted average cost of capital is 12%. What is the current value (in millions) of Hypers equity?

Group of answer choices

$310.68

$220.27

$401.09

$491.50