A firm is currently unlevered with 1,000,000 shares (each priced at $50). The firm decided to change its capital structure by taking $20M in debt and repurchasing shares. It will pay down this debt by $4M every year. If the tax rate is 40% and the cost of debt is 8%, what is the value of the restructured firm?

(Topic: Modigliani-Miller (M&M) Proposition 1 with tax) Please calculate with the equation of Value of unlevered firm+ PV of interest tax shield = value of the levered firm and show the steps of calculating the present value of interest tax shield.