R. E. Lee recently took his company public through an initial public offering. He is expanding the business quickly to take advantage of an otherwise unexploited market. Growth for his company is expected to be 40 percent for the first three years and then he expects it to slow down to a constant 15 percent. The most recent dividend (D₀) was $0.75. Based on the most recent returns, his company's beta is approximately 1.5. The risk-free rate is 8 percent and the market risk premium is 6 percent. If the company has 2 million shares outstanding, what is the market value of R.E. Lee?