An unlevered company with a cost of debt of 7.25% is considering borrowing $13,000,000. The borrowed funds would be used to repurchase shares. The company is currently valued at $24,000,000. 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 20%. According to M&M Proposition I with taxes, what will be the value of this company if it proceeds with the capital restructuring?

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.