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Value of the firm equity-gray furniture co

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The Gray Furniture Co. earned $30 million before interest and taxes on revenues of $80 million last year. Capital expenditures were $20 million, and depreciation was $15 million. The additions to working capital were $6 million. The firm's weighted average cost of capital is 12.45%, the marginal tax rate is 40%, and the expected cash flow growth is 5%. The market value of debt is $25 million. The value of the firm's equity is closest to:

Reference no: EM132634822

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