You are an analyst valuing Palm and Sun Industries for a possible acquisition. Below are pro forma estimates of unlevered free cash flow and interest tax savings for the 3-year planning period. Starting in year 4, you expect a constant growth rate of 3%, which is applicable to both equity- and debt-related cash flows. The unlevered cost of equity is 15% and the cost of debt is 8%. The tax rate is 35%. Cash flows are given in millions. Find the present value of the unlevered equity cash flows. Round your answer to the nearest million.

Year 1 Year 2 Year 3

Free Cash Flow 5 9 12

Tax Savings 1 1 1