The following information is available for the Firm:
Net Income is $1,000,000
Outstanding Shares of Common Stock is 500,000 shares
Dividends Paid is $250,000
The Risk Free Rate is 2%
Return on Equity is 20%
The Firms Beta is 1.5
The Return on the Market is 12%
The market value of the Firm’s equity at the beginning of the year is $7.5 Million
What is the firms Market Value of Equity (in Millions of $ rounding to 1 decimal)?