An all-equity firm has a cost of equity of 11% and expects its EBIT will be $2,200,000 every year forever. The firm is considering borrowing $4,000,000 and using the proceeds to repurchase shares. Assume all the Modigliani and Miller (M&M) assumptions are satisfied and all available earnings are immediately distributed to common shareholders. According to M&M Proposition I without taxes, what would the value of the firm be after the capital restructuring?