The MoMi Corporations cash flow from operations before interest and taxes was $3.2 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 20% of pretax cash flow each year. The tax rate is 35%. Depreciation was $260,000 in the year just ended and is expected to grow at the same rate as the operating cash flow. The appropriate discount rate for the unleveraged cash flow is 9% per year, and the firm currently has debt of $6.1 million outstanding. Use the free cash flow approach to value the firms equity.