Miller model and personal taxes

Problem 26-3 “TUTOR WILL YOU PLEASE PLACE RESULTS FOR THIS PROBLEM ON A EXCEL SPREADSHEET,”Miller Model with Corporate and Personal TaxesAn unlevered firm has a value of $700 million. An otherwise identical but levered firm has $130 million in debt. Under the Miller model, what is the value of the levered firm if the corporate tax rate is 40%, the personal tax rate on equity is 20%, and the personal tax rate on debt is 35%? Enter your answer in millions. For example, an answer of $1.2 million should be entered as 1.2, not 1,200,000. Round your answer to two decimal places.$_________millionMiller Model with Corporate and Personal TaxesAn unlevered firm has a value of $700 million. An otherwise identical but levered firm has $130 million in debt. Under the Miller model, what is the…

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