You are going to value Lauryn’s Doll Co. using the FCF model. After consulting various sources, you find that Lauryn has a reported equity beta of 1.6, a debt-to-equity ratio of 0.5, a tax rate of 30 percent, and net income last year of $42 million. Assume a risk-free rate of 6 percent and a market risk premium of 7 percent. Included in net income was a depreciation expense of $5.2 million. In addition, Lauryn paid out $5.75 million in capital expenditures. Assume the company's FCF is expected to grow at a rate of 2 percent into perpetuity. What is the value of the firm?