Bruce & Co. has expected EBIT of $100,000 per year. The firm can borrow at 9 percent. Bruce currently has no debt, and its cost of equity is 23 percent. The tax rate is 35 percent and interest is tax deductible. Except for taxes, assume that markets are perfect (no bankruptcy, etc.). Required: (a)What is the value of the firm? (Do not include the dollar sign ($). Round your answer to 2 decimal places. (e.g., 32.16)) Value of the firm $N (b)What will the value of the firm be if Bruce borrows $56,000 and uses the proceeds to repurchase shares of equity? (Do not include the dollar sign ($). Round your answer to 2 decimal places. (e.g., 32.16)) Value of the firm