Company Y is currently an all-equity company that has 240,000 shares of stock outstanding with a market price of $25 a share. The current cost of equity is 13.5% and the tax rate is 22%. The company is considering adding $2.5 million of debt with a coupon rate of 6.80% to its capital structure. The debt will be issued at par value and used to repurchase common stock. What will the value of the equity in the levered company be?