The MoMi Corporation's cash flow from operations before depreciation, interest, and taxes was $$3\mathrm{.}8$ million in the year just ended, and

it expects that this will grow by $5\%$ per year forever. To make this happen, the firm will have to invest an amount equal to $17\%$ of pretax

cash flow each year. The tax rate is $21\%.$ Depreciation was $$290,000$ in the year just ended and is expected to grow at the same rate

as the operating cash flow. The appropriate market capitalization rate for the unleveraged cash flow is $12\%$ per year, and the firm

currently has debt of $$6\mathrm{.}4$ million outstanding. Use the free cash flow from operations before depreciation, interest, and taxes.

Note: Round answer to nearest whole number. Enter your answer in dollars not in millions.

Value of the equity

$

$35,324,900$