Problem 16-16 M and M (LO2) Tool Manufacturing has an expected EBIT of $101,000 in perpetuity and a tax rate of 35 percent. The firm has $175,000 in outstanding debt at an interest rate of 8.7 percent, and its unleveraged cost of capital is 15 percent. What is the value of the firm according to M&M Proposition I with taxes? (Do not round intermediate calculations and round your final answer to 2 decimal places, e.g., 32.16.) Value of the firm ta $