Marpor Industries has no debt and expects to generate free cash flows of $$16$ million each year. Marpor believes that if it

permanently increases its level of debt to $$29\mathrm{.}35$ 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 $$15$ million per year. Suppose Marpor's tax rate is $21\%,$ the risk$-$free rate is $3\%,$ the expected return of the

market is $12\%,$ and the beta of Marpor's free cash flows is $1\mathrm{.}2($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.$)$