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tions Problem 15-07 (Value of Equity after Recapitalization) Question 1 of 3 Check My Work eBook Value of Equity after Recapitalization Nichols Corporation's value of operations is equal to $800 million after a recapitalization (the firm had no debt before the recap). It raised $280 million in new debt and used this to buy back stock. Nichols had no short-term investments before or after the recap. After the recap, wd = 35%. What is S (the value of equity after the recap)? Enter your answer in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Round your answer to the nearest whole number. million