Please help solve if the answers are correct and how to get the value of tax shield and value of operations:

Merger analysis $-$ Adjusted present value $($APV$)$ approach

Eades Logistics Corp., which is considering the acquisition of Exteter Enterprise Inc., estimates that acquiring Exteter will result in an incremental

value for the firm. The analysts involved in the deal have collected the following information from the projected financial statements of the target

company:

Exteter Enterprise Inc. is a publicly traded company, and its market$-$determined pre$-$merger beta is $1\mathrm{.}60.$ You also have the following information

about the company and the projected statements:

Exteter currently has a $$28\mathrm{.}00$ million market value of equity and $$18\mathrm{.}20$ million in debt.

The risk$-$free rate is $5\%,$ there is a $7\mathrm{.}10\%$ market risk premium, and the Capital Asset Pricing Model produces a pre$-$merger required

rate of return on equity r$\_($sL$)$ of $16\mathrm{.}36\%.$

Exteter's cost of debt is $7\mathrm{.}00\%$ at a tax rate of $35\%.$

The projections assume that the company will have a post$-$horizon growth rate of $5\mathrm{.}00\%.$

Current total net operating capital is $$106\mathrm{.}0,$ and the sum of existing debt and debt required to maintain a constant capital structure

at the time of acquisition is $$29$ million.

The firm does not have any nonoperating assets such as marketable securities$.$ Given this information, use the adjusted present value $($APV$)$ approach to calculate the following values involved in merger analysis. $($Note: Only round intermediate calculations when entering them as a final answer.$)$

Thus, the total value of Exteter's equity is $.$