Victoria Enterprises expects earnings before interest and taxes (EBIT) next year of $ 2.3 million. Its depreciation and capital expenditures will both be $ 305,000, and it expects its capital expenditures to always equal its depreciation. Its working capital will increase by $ 48,000 over the next year. Its tax rate is 35 %. If its WACC is 11 % and its FCFs are expected to increase at 4 % per year in perpetuity, what is its enterprise value?