Karm Enterprises is expected to have next years free cash flow of $14 million. FCF is expected to grow at 5% per year into foreseeable future. Karms cost of equity capital is 15%, cost of debt is 8%, and it is in the 40% corporate tax bracket. Karm currently maintains a 0.4 debt to equity ratio. What would be the value of Karm as an all equity firm would?