A firm has a current market value of $3,000,000. If the firm proposes to issue $1,000,000 in debt and use the proceeds to repurchase some of the firm's shares, what will the value of the firm be after the debt issuance/share repurchase? Assume that the borrowing rate is 8% and the marginal corporate tax rate is 28%. Also assume that the debt will be issued without a maturity date (perpetual debt). Round your answer to the nearest .01 and do not include a dollar sign in your