Assuming no market imperfections or taxes, a firm has $4,000,000 in equity outstanding and $3,000,000 in debt. The firm plans to issue another $2,000,000 of equity and use all the proceeds to buy back debt. What will be the new total market value of the firm?

$6,000,000

$7,000,000

$9,000,000

None of the above.

Insufficient information to determine.