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A business has equity capital of 23,600,000 . The company also has leverage, as it has issued a debt (bonds) worth 7,900,000 which is sold

A business has equity capital of 23,600,000 . The company also has leverage, as it has issued a debt (bonds) worth 7,900,000 which is sold at par. The shares in issue are 450,000 and their current price is 38.50 per share. The tax rate is 35%. What is the value of non-negotiable assets?

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