A company has an EBIT of $3,830 in perpetuity. The unlevered cost of capital is 14.54%, and there are 21,310 common shares outstanding. The company is considering issuing $8,410 in new bonds at par to add financial leverage. The proceeds of the debt issue will be used to repurchase equity. The YTM of the new debt is 9.68% and the tax rate is 27%. What is the value of the firm before the restructuring?

$18,268 $18,748 $19,229 $19,710 $20,190