Tesla (TSLA) is considering a change in its capital structure. TSLA currently has $500 million in debt carrying a rate of 10% and its stock price is $750 per share with 2 million shares outstanding. For simplicity, assume TSLA is a zero-growth firm and pays out all of its earnings as dividends. The firm's EBIT is $250 million and it faces a 25% federal plus state tax rate. The market risk premium is 7% and the risk free rate is 2%. TSLA is considering increasing its debt level to a capital structure that is 62% debt, based on market values, and repurchasing shares with the extra money that it borrows. TSLA will have to retire the old debt in order to issue new debt, and the rate on the new debt will be 8%. TSLA has a beta of 1.5. What is the intrinsic value of operations for TSLA under the new capital structure? (Answers should be rounded to two decimal places).