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 $2,373,992 in preferred equity and the market value of its outstanding debt equals $2,653,514. The WACC for this firm is estimated to be 9.77%. For this example assume the current assets are zero. 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 2.7% rate after Year 5. Rounding to the nearest penny, what is the value of common equity?

Period	Free Cash Flow
Year 1	$795,033
Year 2	$1,461,372
Year 3	$2,061,410
Year 4	$1,998,369
Year 5	$3,356,350