An all-equity company that has a current value $400,000 is considering borrowing $80,000 and using the borrowed funds to repurchase shares. The company can borrow at 6%. Assume all available earnings are immediately distributed to common shareholders and all the M&M assumptions are satisfied except the corporate tax rate is 25% and investors are subject to a 22% tax rate on equity income and a 28% tax rate on debt income. If the company proceeds with the capital restructuring, what will be the value of the company according to M&M Proposition I with personal and corporate taxes? Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit any commas and the $ sign in your response. For example, an answer of $1,000.50 should be entered as 1000.50. Numeric Response A firm that uses 15% debt financing and 85% equity financing has a cost of debt of 7.5% and a cost of equity of 17%. If the corporate tax rate is 35%, what is the firm's WACC? Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit the % sign in your response. For example, an answer of 15.39% should be entered as 15.39. Numeric Response