Alpha is an all-equity firm. It has 100,000 shares outstanding, currently worth 25 per share. The unlevered cost of equity is 15%. The firm has decided to issue 1,500,000 of 6% debt, and to use the proceeds to repurchase shares. Assume a 20% corporate tax rate.

According to Modigliani-Miller Proposition I with corporate taxes, what is the market value of the firms equity after the repurchase?