The current value of an unlevered firm is $400,000. The firm is considering borrowing $80,000 and using the proceeds to repurchase shares. The firm can borrow at 6%. Assume all the M&M assumptions are satisfied except the corporate tax rate is 25% and investors are subject to a 28% tax rate on debt income and 22% tax rate on equity income. According to M&M Proposition I with personal and corporate taxes, what would the value of the firm be after the capital restructuring?