Iron Bank Pty Ltd is a company that pays its shareholders a very regular and consistent dividend stream forever: a $0.15 dividend at the end of every month except December, and a large $2.15 dividend every December. What is the total equity value for Iron Bank Pty Ltd on 1st January 2023 given the following information:

• The cost of equity capital is an 11% effective annual rate.
• The total number of shares outstanding is 100,000.
• Assume the first dividend ($0.15) is in exactly 1 month from today, then 2 months, and so on. The next $2.15 annual dividend is in exactly 1 year from today.

Any intermediate steps should be rounded to 4 or more decimal places.