Barclay Corp is operating in a country K where the corporate tax is 40%, personal income tax on bond investment is 25% while the personal tax on stock is 29%. Assume the firms earnings before interest and taxes is $2,400,000 and cost of equity with zero debt is 9%.

If Barclay current has $12 million total market value of debt financing, what would be the market value of the company of Barclay Corp in this country K?