Problem 6-6 Free Cash Flow Model (LO3, CFA7) You are going to value Lauryn's Doll Co. using the FCF model. After consulting various sources, you find that Lauryn's has a reported equity beta of 1.7, a debt-to-equity ratio of .3, and a tax rate of 21 percent. Assume a risk-free rate of 6 percent and a market risk premium of 10 percent. Lauryn's Doll Co. had EBIT last year of $55 million, which is net of a depreciation expense of $5.5 million. In addition, Lauryn's made $7.75 million in capital expenditures and increased net working capital by $2.8 million. Assume the FCF is expected to grow at a rate of 4 percent into perpetuity. What is the value of the firm? (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.)