Valuation Using an Income Statement Multiple JAKKS Pacific Inc., a toy manufacturer, reports net income for the recent twelve months of $14.73 million. JAKKS has 20.05 million shares outstanding. The industry average PE (using the trailing twelve months earnings) for its competitors is 24.19. Using this industry average PE, estimate the intrinsic value of JAKKS Pacifics equity.

Do not round until your final answer. Round answer to two decimal places.