A company has a capital structure of 40% debt at a cost of 690 and the rest in equity. The stock has a beta of 1.5; the risk-free rate is 3%; and the market risk premium 4%. The firm pays a 35% tax rate. The firm estimates that for the next four years, its cash flow plus tax shield will be $4 million with a terminal value of in year five of $28 million What is the total value of the company, using the APV model?