Tool Manufacturing has an expected EBIT of $61,000 in perpetuity and a tax rate of 35 percent. The company has $105,000 in outstanding debt at an interest rate of 7 percent, and its unlevered cost of capital is 10 percent. What is the value of the company according to MM Proposition I with taxes? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)