Panda Industries Inc. has $1,793,736 in preferred equity and its outstanding debt has a value of $3,139,830. The firm's WACC is 8.63%. Use the DCF valuation model with the expected FCFs shown below; year 1 represents one year from today and so on. The company expects to grow at a 3.8% rate after Year 5. Rounding to the nearest penny, what is the value of common equity?

Period	Free Cash Flow
Year 1	$828,601
Year 2	$1,277,324
Year 3	$2,263,005
Year 4	$2,176,517
Year 5	$2,514,059