The MoMi Corporation's cash flow from operations before interest and

taxes was $$2\mathrm{.}4$ 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 $18\%$ of pretax cash flow each year.

The tax rate is $21\%.$ Depreciation was $$220,000$ 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 $9\%$ per year, and the firm currently has debt of $$4\mathrm{.}2$ million

outstanding. Use the free cash flow approach to value the firm's equity.

Note: Round answer to nearest whole number. Enter your answer in

dollars not in millions.