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Milton Industries expects free cash flows of $5 million each year. Milton's corporate tax rate is 40%, and its unlevered cost of capital is 9%.

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Milton Industries expects free cash flows of $5 million each year. Milton's corporate tax rate is 40%, and its unlevered cost of capital is 9%. Milton also has outstanding debt of $15.78 million, and it expects to maintain this level of debt permanently. a. What is the value of Milton Industries without leverage? b. What is the value of Milton Industries with leverage? a. What is the value of Milton Industries without leverage? The value of Milton Industries without leverage is $ million (Round to two decimal places.)

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