Levered, Inc., and Unlevered, Inc., are identical in every way except their capital structures. Each company expects to earn $11.7 million before interest per year in perpetuity, with each company distributing all its earnings as dividends. Levereds perpetual debt has a market value of $65 million and costs 6 percent per year. Levered has 2.3 million shares outstanding that sell for $81 per share. Unlevered has no debt and 4 million shares outstanding, currently worth $64 per share. Neither firm pays taxes.

What is the value of each company's equity?

Unlevered
Levered