An unlevered company with a cost of debt of 6.55% is considering borrowing $13,000,000. The borrowed funds would be used to repurchase shares. The company is currently valued at $22,000,000. 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 15%. According to M&M Proposition I with taxes, what will be the value of this company if it proceeds with the capital restructuring?