E.C. Builders (ECB) has an unlevered value of $1 billion at the end of year 2021. Since year 2022 , the firm decided to use debt in their capital structure, with the interest expense and potential financial distress cost in the following table. According to the tradeoff theory, what is the levered value at the end of year 2021? (Assume discount rate 12% and Corporate Tax rate of 35%) \$1,360 million $1,250 million \$1,168 million $997 million