You have been tasked with using the FCF model to value Amara’s Jewelry Co. After your initial review, you find that Amara’s has a reported equity beta of 1.1, a debt-to-equity ratio of .5, and a tax rate of 21 percent. In addition, market conditions suggest a risk-free rate of 3 percent and a market risk premium of 7 percent. If Amara’s had FCF last year of $47.5 million and has current debt outstanding of $120 million, find the value of Amara’s equity assuming a 2 percent growth rate in FCF.