You are valuing GenFlex, a small manufacturing firm, which reported paying taxes of $12.5 million on taxable income of $50 million and reinvesting $15 million in the most recent year. The firm has no debt outstanding, the cost of capital is 12%, and the marginal tax rate for the firm is 25%. Assuming that the firms earnings (taxable income) and reinvestment will grow 10% per year for three years and 5% thereafter, estimate the value of this firm using the effective tax rate for the next 3 years and the marginal tax rate thereafter.