Key Lime Pie Co. expects EBIT of $150,000 next year, and expects earnings to grow at a rate of 4% per year indefinitely. Key Lime Pie Co. currently has no debt and its cost of equity is 20%. The firm can borrow at 5%. The corporate tax rate is 40%.

Given that the firm has a value of $562,500 when it is all equity, what will be the value of the firm if Key Lime Pie Co. borrows $260,000 of permanent debt and uses the proceeds to buy back stock? Enter your answer rounded to two decimal places.