Tool Manufacturing has an expected EBIT of $101,000 in perpetuity and a tax rate of 35 percent. The firm has $190,000 in outstanding debt at an interest rate of 6.80 percent, and its unlevered cost of capital is 11 percent.

What is the value of the firm according to M&M Proposition I with taxes? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))