Here are book- and market-value balance sheets of the United Frypan Company (figures in $ millions):

Book-Value Balance Sheet
Net working capital	$	60	Debt	$	65
Long-term assets		40	Equity		35
	$	100		$	100

Market-Value Balance Sheet
Net working capital	$	60	Debt	$	65
Long-term assets		155	Equity		150
	$	215		$	215

Assume that MMs theory holds except for taxes. There is no growth, and the $65 of debt is expected to be permanent. Assume a 21% corporate tax rate.

c. Now suppose that Congress passes a law that eliminates the deductibility of interest for tax purposes after a grace period of 5 years. What will be the new value of the firm, other things equal? Assume a borrowing rate of 6.2%. (Do not round intermediate calculations. Enter your answer in million rounded to 2 decimal places.)