Assuming no major change in operating ratios going forward, calculate the value of the firm using the following data (end of fiscal year):
Net income $5,350,000
Interest expense (average) $1,050,000
Depreciation expense (average) $1,750,000
Current assets $35,000,000
Current liabilities $28,500,000
Capital expenditures (average) $3,800,000
Cost of capital 10.5%
Expected annual sales growth (constant) 8.0%
Combined tax rate 40%
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Net income ...
Value of the firm is expressed.