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FinCorps free cash flow to the firm is reported as $265 million. The firms interest...

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Finance

FinCorps free cash flow to the firm is reported as $265 million. The firms interest expense is $46 million. Assume the tax rate is 35% and the net debt of the firm increases by $6 million. What is the market value of equity if the FCFE is projected to grow at 4% indefinitely and the cost of equity is 12%? (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.)

Market value $ million

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