The Mandem Co., has a debt ratio of 33%. The firms required return on unlevered equity is 17%, and the pre-tax cost of debt is 9%. Sales revenues are expected to be $32.5 million in perpetuity and variable costs are expected to be 55% of sales. The tax rate is 35%, and the company pays out all earnings as dividends at the end of each year.

What is the value of Mandem (firm value)?