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Tool Manufacturing has an expected EBIT of $75,000 in perpetuity and a tax rate of 21 percent. The firm has $215,000 in outstanding debt at

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Tool Manufacturing has an expected EBIT of $75,000 in perpetuity and a tax rate of 21 percent. The firm has $215,000 in outstanding debt at an interest rate of 4.8 percent, and its unlevered cost of capital is 10.7 percent. What is the value of the firm according to M\&M Proposition I with taxes? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 321,322.16)

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