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?