Marpor Industries has no debt and expects to generate free cash flows of $$16\mathrm{.}19$ million each year. Marpor believes

that if it permanently increases its level of debt to $$32\mathrm{.}59$ million, the risk of financial distress may cause it to lose

some customers and receive less favourable terms from its suppliers. As a result, Marpor's expected free cash flows

with debt will be only $$13\mathrm{.}32$ million per year. Suppose Marpor's tax rate is $28\%,$ the risk$-$free rate is $3\%,$ the expected

return of the market is $12\%,$ and the beta of Marpor's free cash flows is $1\mathrm{.}20($with or without leverage$).$

a$.$ Estimate Marpor's value without leverage.

b$.$ Estimate Marpor's value with the new leverage.

a$.$ Estimate Marpor's value without leverage.

Marpor's value without leverage is $ million. $($Round to two decimal places.$)$