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Cruz Corporation has $50 billion of debt outstanding. An otherwise identical firm has no debt and has a market value of $250 billion. Under the

Cruz Corporation has $50 billion of debt outstanding. An otherwise identical firm has no debt and has a market value of $250 billion. Under the Miller model, what is Cruzs value if the federal-plus-state corporate tax rate is 28%, the effective personal tax rate on stock is 17%, and the personal tax rate on debt is 29%? Enter your answer in billions

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