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Ice Cream Sandwich Co. expects EBIT of $200,000 next year, and expects earnings to grow at a rate of 3% per year indefinitely. Ice Cream

Ice Cream Sandwich Co. expects EBIT of $200,000 next year, and expects earnings to grow at a rate of 3% per year indefinitely. Ice Cream Sandwich Co. currently has no debt and its cost of equity is 12%. The firm can borrow at 7%. The corporate tax rate is 27%.

What is the value of the firm? Enter your answer rounded to two decimal places.

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