Levered, Inc., and Unlevered, Inc., are identical in every way except their capital structures. Each company expects to earn $28.9 million before interest per year in perpetuity, with each company distributing all its earnings as dividends. Levereds perpetual debt has a market value of $90 million and costs 7 percent per year. Levered has 2.2 million shares outstanding, currently worth $116 per share. Unlevered has no debt and 4.4 million shares outstanding, currently worth $78 per share. Neither firm pays taxes.

What is the value of each company's equity?