Now that your firm has matured, you are considering adding debt to your capital structure for the first time. Your all-equity firm has a market value of $20 million and you are considering issuing $2 million in debt with an interest rate of 7% and using it to repurchase shares. You pay a corporate tax rate of 21%. Assume taxes are the only imperfection and the debt is expected to be permanent

What will be the value of the remaining equity after the change in capital structure?