Value of unlevered firm is $200 million. Marginal tax rate is 40%. This firm is using the $80 million debt. Personal tax rate for income from debt is 30%. Personal tax rate for income from the stock is 12%. Determine the value of the levered firm?
A. $232 million
B. $280 million
C. $120 million
D. $220 million
E. None of the above