O' Donald Company has a debtequity ratio of .25. The required return on the companys unlevered equity is 15 percent, and the pretax cost of the firms debt is 8.0 percent. Sales revenue for the company is expected to remain stable indefinitely at last years level of $18,500,000. Variable costs amount to 70 percent of sales. The tax rate is 34 percent, and the company distributes all its earnings as dividends at the end of each year.

If the company were financed entirely by equity, how much would it be worth?