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Miller Model with Corporate and Personal Taxes Cruz Corporation has $150 billion of debt outstanding. An otherwise identical firm has no debt and has a

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Miller Model with Corporate and Personal Taxes Cruz Corporation has $150 billion of debt outstanding. An otherwise identical firm has no debt and has a market value of $750 biliort. Under the Milier model, what is Cruz's value if the federal-plus-state corporate tax rote is 28\%, the effective personal tax rate on stock is 17%0, and the personal tax rate on debt is 29% ? Enter your answer in bitions. For example, an answer of $1.23 bililen should be entered as 1,23 , not 1,230,000,000. Aound your answer to two decimal places. 5. bilition

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