Marpor Industries has no debt and expects to generate free cash flows of $$16\mathrm{.}41$ million each year. Marpor believes that if permanently increases its level of debt to $$32\mathrm{.}97$ 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 $$14\mathrm{.}95$ million per

year. Suppose Marpor's tax rate is $21\%,$ the risk$-$free rate is $6\%,$ the expected return of the market is $12\%,$ and the beta of Marpor's free cash flows is $1\mathrm{.}10($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.$)$