Unlevered Company has no debt and its value is $550 million. Levered company is otherwise identical but levered with $220 million in debt. Under the different models, what is the value of Levered Company if its corporate tax rate is 31%, the personal tax rate on equity is 8%, and the personal tax rate on debt is 30%?

• Miller without tax
• Miller with corporate taxes
• Miller with corporate and personal taxes