Miller Model with Corporate and Personal Taxes

Cruz Corporation has $$50$ billion of debt outstanding. An otherwise identical firm has no debt and has a market value of $$200$ billion. Under the Miller model, what is Cruz$$s value if the federal$-$plus$-$state corporate tax rate is $28\%,$ the effective personal tax rate on stock is $17\%,$ and the personal tax rate on debt is $29\%?$ Enter your answer in billions. For example, an answer of $$1\mathrm{.}23$ billion should be entered as $1\mathrm{.}23,$ not $1,230,000,000.$ Round your answer to two decimal places.

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