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Myers Corporation is currently all equity financed and has a value of $75 million. Investors currently require a return of 18.40 percent on common stock.

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Myers Corporation is currently all equity financed and has a value of $75 million. Investors currently require a return of 18.40 percent on common stock. Myers pays no taxes. Myers plans to issue $30 million of debt with a return of 8.6 percent and use the proceeds to repurchase common stock. What will be the value of the firm after the debt issue? Please state your answer in millions

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