Over the years, McLaughlin Corporation's stockholders have provided $36,000,000 of capital, when they purchased new issues of stock and allowed management to retain some of the firm's earnings. The firm now has 1,900,000 shares of common stock outstanding, and the shares sell at a price of $28 per share.
Required:
Question: How much value has McLaughlin's management added to stockholder wealth over the years, i.e., what is McLaughlin's MVA?
Note: Provide support for rationale.