Salmon Industries has no debt and expects to generate free cash flows of $48 million each year. Salmon believes that if it permanently increases its level of debt to $100 million, the risk of financial distress may cause it to lose some customers and receive less favorable terms from its suppliers. As a result, Salmon's expected free cash flows with debt will be only $44 million per year. Suppose Salmon's tax rate is 21%, the risk-free rate is 6%, the expected return of the market is 14%, and the beta of Salmon's free cash flows is 1.25 (with or without leverage). The value of Salmon without leverage is