You have been tasked with using the FCF model to value Julies Jewelry Co. After your initial review, you find that Julies has a reported equity beta of 1.5, a debt-to-equity ratio of .5, and a tax rate of 21 percent. In addition, market conditions suggest a risk-free rate of 4 percent and a market risk premium of 10 percent. If Julies had FCF last year of $46.5 million and has current debt outstanding of $118 million, find the value of Julies equity assuming a 2.6 percent growth rate in FCF. (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.)

Value of the equity __________