Victoria Enterprises expects earnings before interest and taxes (EBIT) next year of $1 million. Its depreciation and capital expenditures will both be $300,000, and it expects its capital expenditures to always equal its depreciation. Its working capital will increase by $50,000 over the next year. Its tax rate is 40%. If its WACC is 10% and its FCFs are expected to increase at 4% per year in perpetuity, what is its enterprise value?