Explain why M&M hypothesis is correct in that the value of a fruit garden depends on the overall

profit resulting from its core business $($net operating income NOI$)$ UVW company has $$100$

billion in debt. An identical firm has no debt and has a market value of $$500$ billion. Consider the

federal and state taxes of $28\%$ combined, personal tax rate on stock of $17\%,$ and personal tax rate

on debt of $29\%.$

Calculate the value of the UVW company under the Miller's model