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Miller Model with Corporate and Personal Taxes Cruz Corporation has $100 billion of debt outstanding. An otherwise ldentical firm has no debt and has a

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Miller Model with Corporate and Personal Taxes Cruz Corporation has $100 billion of debt outstanding. An otherwise ldentical firm has no debt and has a market value of $300 billion. Under the Milier model, what is Cruz's value if the federal-plus-state corporate tax rate is 28%, the effective personal tax rate on stock is 17%, and the persanal tax rate on debt is 29 ? Enter your answer in bitions. For example, an answer of 41.23 billion should be entered as 1.23 , not 1,230,000,000. Do not round intermediate calculations. Round your answer to two decimal places. 5

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