Wail Inc. currently has 130,000 shares of stock outstanding with a market price of $36 a share. Wails next years projected dividend is $4.5 and its estimated long-term growth rate is 5%. Its outstanding debt consists of 4,560 coupon bonds each with a face value of $1,000, maturity of five years, and an annual coupon rate of 9% with semi-annual payments. The bonds are traded at par. The tax rate is 40 percent. Suppose Wail wants to get rid of all its debt and become all-equity. What is the all-equity firm value?

a. $7,416,000

b. $4,680,000

c. $4,560,000

d. $9,240,000

e. $11,064,000