Taunton plc exist in a Modigliani and Miller (1958, 1963) world, except that corporate taxes exist at a rate of 20%. The firms operating income before tax and interest is 400,000 p.a. The cost of capital for an all-equity finance firm in this world is 16% p.a., and the pre-tax market cost of debt is 4% p.a. Taunton plc has dept in its capital structure with a market value of 1.5 million what is the market value of Taunton plc?