P16-14 M&M and Taxes (LO2] Frederick & Co. expects its EBIT to be $100.000 every year forever. The firm can borrow at 9 percent. Frederick currently has no debt, and its cost of equity is 21 percent. If the tax rate is 33 percent, the value of the firm is $ . The value will be $ if Frederick borrows $60,000 and uses the proceeds to repurchase shares. (Do not Include the dollar signs ($). Round your answers to 2 decimal places. (e.g. 32.16))