Danish Match Inc. is considering a new financial policy. Specifically, Danish Match will issue a perpetual bond with a face value of $1500 million to conduct a share repurchase. The cost of debt associated with the perpetual bond is 5%. Additional financial information for the firm before the new financial policy is implemented can be found in the table below. The company has no excess cash and corporate taxes are the only market imperfection. What is the enterprise value of the firm after the new financial policy is implemented? Select the best one.

Financial Data for Danish Match before Transaction
Share Price (in $)	$50
# Shares outstanding (in millions)	150
Market Value of Debt (in $ millions)	$2,000
Tax Rate (in %)	30%

	I.	$9,950 million
	II.	$9,500 million
	III.	$7,521.43 million
	IV.	$7,950 million
	V.	$9,521.43 million