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Assume the marginal corporate tax rate is 2 3 % . The firm currently has no debt in its capital structure. It is valued at

Assume the marginal corporate tax rate is 23%. The firm currently has no debt in its capital structure. It is valued at $469,768. What would be the value of the firm if it issued $51,5537-year debt with yield-to-maturity (discount rate) of 12% and repurchased the same amount of equity? (Assume M&M with Taxes).

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