MNC Corp.$\text{'}$s operating cash flow $($EBITDA$)$ before interest and taxes was $$4\mathrm{.}4$ million in the year just ended. To achieve this outcome, the firm will have to invest an amount equal to $20\%$ of its EBITDA each year. The current tax rate for the company is $21\%.$ Depreciation was $$320,000$ in the year just ended and is expected to grow at the same rate as the operating cash flow. The company expects that its free cash flow will grow by $5\%$ per year forever. The appropriate discount rate for the free cash flow is $11\%$ per year, and the firm currently has debt of $$6\mathrm{.}7$ million outstanding. Use the free cash flow approach to value the firm$$s equity.