Jean Jacque is evaluating Pharmet by using the FCFF valuation approach. Jean has collected the following information (currency in dollars): Pharmet has a net income of $262 million, depreciation of $95 million, an increase in capital expenditures of $162 million, and an increase in working capital of $44 million. Pharmet will finance 40 percent of the increase in net fixed assets (capital expenditures less depreciation) and 40 percent of the increase in working capital with debt financing. Interest expenses are $164 million. The current market value of Pharmets outstanding debt is $1,794 million. FCFF is expected to grow at 6 percent indefinitely. The tax rate is 32 percent. Pharmet is financed with 48 percent debt and the rest for equity. The beforetax cost of debt is 10 percent, and the beforetax cost of equity is 12 percent. Pharmet has 10 million outstanding shares. Your task is to estimate total value of the equity