Tool Manufacturing has an expected EBIT of $85,000 in perpetuity and a tax rate of 21 percent. The firm has $240,000 in outstanding debt at an interest rate of 5.3 percent, and its unlevered cost of capital is 11.2 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., 32.16.)