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 $275 million, depreciation of $96 million, an increase in capital expenditures of $154 million, and an increase in working capital of $42 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 $168 million. The current market value of Pharmets outstanding debt is $1,744 million. FCFF is expected to grow at 4 percent indefinitely. The tax rate is 31 percent. Pharmet is financed with 51 percent debt and the rest for equity. The beforetax cost of debt is 9 percent, and the beforetax cost of equity is 14 percent. Pharmet has 10 million outstanding shares. Your task is to estimate total value of the equity per share