You have been tasked with using the FCF model to value Julie's Jewelry Co. After your initial review, you find that Julie's has a reported equity beta of 14, a debt-to-equity ratio of 5, and a tax rate of 21 percent. In addition, market conditions suggest a risk-free rate of 2 percent and a market risk premium of 12 percent. If Julie's had FCF last year of $44.5 million and has current debt outstanding of $114 million, find the value of Julie's equity assuming a 4.2 percent growth rate in FCF (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.) Value of the equity