The free cash flow to the firm is reported as $405 million. The interest expense to the firm is $22 million. If the tax rate is 21% and the net debt of the firm increased by $25 million, what is the approximate market value of the firm's equity if free cash flow to equity grows at 2% and the cost of equity is 11%?

$ 2,168 million

$ 4,786 million

$ 2,445 million

$ 4.676 million