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Use the information for the question(s) below. Flagstaff Enterprises expected to have free cash flow...

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Accounting

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Use the information for the question(s) below. Flagstaff Enterprises expected to have free cash flow in the coming year of $9 million, and this free cash flow is expected to grow at a rate of 3% per year thereafter. Flagstaff has an equity cost of capital of 13%, a debt cost of capital of 7%, and it has a 21% corporate tax rate. If Flagstaff currently maintains a 0.4 debt to equity ratio, then the value of Flagstaff as a levered firm is closest to ( $ million) ( 2 decimal places)

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