You need to estimate the value of Laputa Aviation. You have the following forecasts (in millions of dollars) of its profits and of its future investments in new plant and working capital:

	Year
	1	2	3	4
Earnings before interest, taxes, depreciation, and amortization (EBITDA)	$ 77	$ 97	$ 112	$ 117
Depreciation	27	37	42	47
Pretax profit	50	60	70	70
Tax at 40%	20	24	28	28
Investment	15	18	21	23

From year 5 onward, EBITDA, depreciation, and investment are expected to remain unchanged at year-4 levels. Laputa is financed 50% by equity and 50% by debt. Its cost of equity is 14%, its debt yields 10%, and it pays corporate tax at 40%.

1. Estimate the companys total value.

   Note: Do not round intermediate calculations. Enter your answer in millions rounded to the nearest whole amount.

2. What is the value of Laputas equity?

   Note: Do not round intermediate calculations. Enter your answer in millions rounded to the nearest whole amount.