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UVW company has $100 bil in debt. An identical firm has no debt and has a market value of $500 bil. Consider the federal and

UVW company has $100 bil in debt. An identical firm has no debt and has a market value of $500 bil. Consider the federal and state taxes of 28% combined, personal tax rate on stock of 17%, and personal tax rate on debt of 29%.

Calculate the value of the UVW company under the Millers model

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