Item $17$

Farmington Company can borrow at $6\mathrm{.}3$ percent. The company currently has no debt, and the cost of equity is $12\mathrm{.}9$ percent. The current value of the firm is $$685,000.$ The corporate tax rate is $21$ percent. What will the value be if the company borrows $$310,000$ and uses the proceeds to repurchase shares?

Note: Do not round intermediate calculations and round your answer to the nearest whole number, e$.$g$.,32.$