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Altec Audio is currently an all equity firm that has 5 1 0 , 0 0 0 shares of stock outstanding with a market price

Altec Audio is currently an all equity firm that has 510,000 shares of stock outstanding with a market price of $53.60 a share. The current cost of equity is 10.5 percent and the tax rate is 25 percent. The firm is considering adding $5.00million of debt with a coupon rate of 6 percent to its capital structure. The debt will be sold at par value. What is the levered value of the equity?
A $23,811,000
B $23,736,000
C $23,661,000
D $23,586,000
E $23,511,000

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