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An unlevered firm with cost of capital of 11% expects its EBIT will be $220,000 indefinitely. Assume all available earnings are immediately distributed to common

An unlevered firm with cost of capital of 11% expects its EBIT will be $220,000 indefinitely. Assume all available earnings are immediately distributed to common shareholders and all the Modigliani and Miller (M&M) assumptions are satisfied except the firm's corporate tax rate is 25%. According to M&M Proposition I with taxes, what is the value of the firm?

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