Tool Manufacturing has an expected EBIT of $40,000 in perpetuity, and a tax rate of 34 percent. The firm has $65,000 in outstanding debt at an interest rate of 12 percent, and its unlevered cost of capital is 13 percent. The value of the leverage firm (VL) is $ according to M\&M Proposition I with taxes. (Do not include the dollar sign (\$). Round your answer to 2 decimal places. (e.g., 32.16))