MM with taxes Sunshine Trading Company (STC) has an expected EBIT of $20,000 in perpetuity, and a tax rate of 40%. The interest rate on STC’s debt is 8%. The debt-equity ratio of STC is 0.6, or 3/5. Blackstone Inc (BI) is an all-equity firm, which is identical to STC, except for the capital structure. The rate of return on BI’s equity is 11.7647%.

What is the value of BI? Round to the nearest whole number.