Esther's Materials is an an all equity firm with a market value of $18,650,000. The current cost of equity is 15% and the tax rate is 31%. Esther is considering adding $2,600,000 of debt with a coupon rate of 8.0% to the capital structure. The debt will be sold at par value. Assuming no cost of financial distress, the value of the levered firm will be $________?