Frederick & Co. expects its EBIT to be $100,000 every year forever. The firm can borrow at 9 percent. Frederick currently has no debt, and its cost of equity is 23 percent. If the tax rate is 32 percent, the value of the firm is ___________. The value will be _________if Frederick borrows $63,000 and uses the proceeds to repurchase shares. (Do not include the dollar signs ($). Round your answers to 2 decimal places. (e.g., 32.16))

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