Kyle Corporation is comparing two different capital structures, an all-equity plan (Plan I) and a levered plan (Plan II). Under Plan I, Kyle would have 775,000 shares of stock outstanding. Under Plan II, there would be 525,000 shares of stock outstanding and $9.75 million in debt outstanding. The interest rate on the debt is 7 percent, and there are no taxes.

Requirement 1:

Use M&M Proposition I to find the price per share of equity.

Requirement 2:

What is the value of the firm under Plan I? (Do not round intermediate calculations. Enter your answer in dollars, not millions of dollars (e.g., 1,234,567).)

Requirement 3:

What is the value of the firm under Plan II? (Do not round intermediate calculations. Enter your answer in dollars, not millions of dollars (e.g., 1,234,567).)