Frederick & Co. expects its EBIT to be $95,000 every year forever. The firm can borrow at 12 percent. Frederick currently has no debt, and its cost of equity is 19 percent. If the tax rate is 34 percent, the value of the firm is $ _________ . The value will be $ _________ if Frederick borrows $48,000 and uses the proceeds to repurchase shares.

(Do not include the dollar signs ($). Round your answers to 2 decimal places. (e.g., 32.16))