Martin Technologies Inc., a large electronics company, is evaluating the possible acquisition of Columbia Electronics, a regional electronics company. Martins analysts project the following post-merger data for Columbia (in millions of dollars):

2015 2016 2017 2018

Net Sales $300 $400 $425 $500

Selling and administrative expenses 45 55 65 80

Interest 25 30 35 40

Tax rate after merger		30%
Cost of goods sold as a percent of sales		70%
Beta after merger		1.2875
Risk-free rate		3%
Market risk premium		5%
Continuing growth rate of cash flow available to Martin		4%

If the acquisition is made, it will occur on January 1, 2015. All cash flows shown in the income statements are assumed to occur at the end of the year. Columbia currently has a capital structure of 40% debt, but Martin would increase that to 50% if the acquisition were made. Columbia, if independent, would pay taxes at 20%; but its income would be taxed at 30% if it were consolidated. Columbias current market-determined beta is 1.15, and its investment bankers think that its beta would rise to 1.2875 if the debt ratio were increased to 50%. The cost of goods sold is expected to be 70% of sales, but it could vary somewhat. Depreciation-generated funds would be used to replace worn-out equipment, so they would not be available to Martins shareholders. The risk-free rate is 3%, and the market risk premium is 5%.

What is the value of Columbia to Martin? Do not round intermediate calculations.

$_____________million (to 2 decimals)