An all-equity company that has a current value of $12,000,000 is considering borrowing $6,000,000 and using the borrowed funds to repurchase shares. The company can borrow at 4%. Assume all available earnings are immediately distributed to common shareholders and all the M&M assumptions are satisfied except the company's corporate tax rate is 30%. If the company proceeds with the capital restructuring, what will be the value of the company according to M&M Proposition I with taxes?