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University Center Co. currently has EBIT of $48,000 and is all equity financed. EBIT are expected to grow at a rate of 3% per year.

University Center Co. currently has EBIT of $48,000 and is all equity financed. EBIT are expected to grow at a rate of 3% per year. The firm pays corporate taxes equal to 32% of taxable income. The cost of equity for this firm is 17%.

What is the market value of the firm? Enter your answer rounded to two decimal places.

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