Lulu Company's provided the annual report of 2019 which shows an EBITDA of P10,000,000 and a total liability of P20,500,000. Evidently, the sales grew by 10% annually with a direct effect on the growth of free cash flow of 10% yearly. Last year, the free cash flow was reported to be P5,000,000. The weighted average cost of capital is 12%. Using the financial model, how much is the value of the firm.

Computation with 2 decimal places.