The MoMi Corporation's cash flow from operations before interest and taxes was $$4\mathrm{.}6$ million in the year just ended, and it expects that this will grow by $5\%$ per year forever. To make this happen, the firm will have to invest an amount equal to $19\%$ of pretax cash flow each year. The tax rate is $21\%.$ Depreciation was $$330,000$ 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{.}8$ 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.

Value of the equity