how to modify an xml structure using powershell and add it to a new file?

I have an xml file which I want to parse, modify the nodes and add to a new xml.

<?xml version="1.0"?>
<Objects>
  <Object Type="System.String">Kapil</Object>
  <Object Type="System.String">Karan</Object>
  <Object Type="System.String">Harsh</Object>
  <Object Type="System.String">Dheeraj</Object>
</Objects>

I want to format it using powershell to something like:

<?xml version="1.0"?>
<Persons>
 <Student>
  <Name>Kapil</Name>
  <Name>Karan</Name>
  <Name>Harsh</Name>
  <Name>Dheeraj</Name>
 </Student>
</Persons>