The Hatfield Corporation is a zero growth firm with an expected EBIT of $250,000 and a corporate tax rate of 40 percent. Hatfield uses $1 million of debt financing, and the cost of equity to an unlevered firm in the same risk class is 15 percent.

Suppose the personal tax rates on Hatfields investors are 30 percent on debt (interest) income and 20 percent (on average) on income from stocks. Suppose in a world with personal tax, the cost of equity to an unlevered firm is 18.75%. What is the firms value according to Miller model?