You are valuing the equity of a company using the FCFE approach and have estimated that the FCFE in the next five years will be $6.05, $6.76, $7.36, $7.85, and $8.15 million, respectively. Beginning in year 6, you expect the cash flows to increase at a rate of 2 percent per year for the indefinite future. You estimate that the cost of equity is 12 percent. What is the value of equity in this company?