Labrador technologies Inc. plans to become public soon. The board of directors would like to know the value of common equity and have asked for your opinion. The firm has $1,377,573 in preferred equity and the market value of its outstanding debt equals $2,751,877. The WACC for this firm is estimated to be 7.50%. Use the DCF valuation model with the expected FCFs shown below; year 1 represents one year from today and so on. The company expects to grow at a 2.8% rate after Year 5. Rounding to the nearest penny, what is the value of common equity?

Period	Free Cash Flow
Year 1	$1,131,601
Year 2	$1,442,094
Year 3	$1,446,954
Year 4	$2,792,242
Year 5	$3,408,150