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Tool Manufacturing has an expected EBIT of $101,000 in perpetuity and a tax rate of 23 percent. The firm has $190,000 in outstanding debt

Tool Manufacturing has an expected EBIT of $101,000 in perpetuity and a tax rate of 23 percent. The firm has $190,000 in outstanding debt at an interest rate of 6.8 percent, and its unlevered cost of capital is 11 percent. What is the value of the firm according to MM Proposition I with taxes? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Value of the firm I

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