You have been tasked with using the FCF model to value Julie's Jewelry Co. After your initial review, you find that Julie's has a reported equity beta of 16, a debt-to-equity ratio of 5, and a tax rate of 21 percent. In addition, market conditions suggest a risk-free rate of 5 percent and a market risk premium of 12 percent. If Julie's had FCF last year of $47.5 million and has current debt outstanding of $120 million, find the value of Julie's equity assuming a 4.6 percent growth rate in FCF. (Do not round Intermediate calculations. Enter your answer in millions rounded to 2 decimal places.) Answer is complete but not entirely correct. Value of the equity s 230.08