Victoria Enterprises expects earnings before interest and taxes

(EBIT)

next year of

$1.8

million. Its depreciation and capital expenditures will both be

$301,000,

and it expects its capital expenditures to always equal its depreciation. Its working capital will increase by

$ 51 comma 000$51,000

over the next year. Its tax rate is

40 %.

If its WACC is

11 %

and its

FCFs

are expected to increase at 3 % per year in perpetuity, what is its enterprise value?