An all-equity company is considering borrowing $2,500,000 and using the borrowed funds to repurchase shares. The company's cost of equity is 8%. EBIT is expected to be $800,000 every year forever. Assume all available earnings are immediately distributed to common shareholders and all the M&M assumptions are satisfied. If the company proceeds with the capital restructing, what will be the value of the company according to M&M Proposition I without taxes?