A firm’s total annual dividend payout is $1 million. Its stock price is $45 per share and it has 17,500,000 shares outstanding. The firm earned $4 million in Net Income last year. This year, the firm expects earnings to grow at 7%, with growth the year after that expected to be 5%, and then in all following years, the firm expects earnings to grow at 3%. The firm plans to hold their dividend payout ratio constant over the coming 20 years and beyond. The risk free rate is 3%, beta for the dividend portion of the firm must be lower than for the entire income stream, and it measured at is 0.65, and the equity risk premium is 7.75%. What is the value of equity for the entire firm using the DIVIDEND DISCOUNT model, using annual dividends as free cash flow?