2. An all-equity company currently valued at $5,500,000 can borrow at 6.25%. The company is considering borrowing $2,250,000, which would be used to buy back shares. Assume all available earnings are immediately distributed to common shareholders and all the M&M assumptions are satisfied except the corporate tax rate is 14% and investors are taxed at rates of 22% on equity income and 25% on debt income. According to the M&M Propositions with personal and corporate taxes, what will be the value of this company after the proposed capital restructing? round final answer to 2 decimal places