cruz corporation has $50 billion of debt outstanding. an otherwise identical firm has no debt and has a market value of $200 billion. under the miller model, what is cruz's value if the federal-plus-state corporate tax rate is 28%, the effective personal tax rate on stock is 17%, and the personal tax rate on debt is 29%? enter your answer in billions. for example, an answer of $1.23 billion should be entered as 1.23, not 1,230,000,000. do not round intermediate calculations. round your answer to two decimal places.
