XYZ is a managing partner of the venture capital company SmartFunds, which fully owns a video gaming start-up called Racoons. Racoons has no debt financing. The corporate tax rate for the video gaming industry is 0%. Business analysts in Jay's team, who were following Racoons and were very familiar with the market as well as Racoons's intellectual property, had the following assessment of the stand-alone dynamics of the company: $1.1 million cash-flows in 2021 (exactly a year from now), 5.8% growth rate of cash flows thereafter in perpetuity and a beta of 1.2.

Market risk premium was commonly believed to be 6.5% and the risk free rate 1.9%.If SmartFunds were offered to sell Racoons, what should be Jay's reservation value for Racoons? Please, provide the answer in millions; do not use the dollar sign.