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Lowell Industries is expected to generate free cash flows of $19 million per year. The company has a permanent debt of $50 million, a corporate

Lowell Industries is expected to generate free cash flows of $19 million per year. The company has a permanent debt of $50 million, a corporate tax rate of 25%, and an unleveled cost of capital of 11%, and its cost of debt capital is 5.5%. What is the value of Lowell Industries' equity using the APV method?

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