Declan Ross wants to sell his business. The firm has no debt and earns an 8% return (ROE) on equity of $150,000. The business can borrow at an after tax rate of 5%. A consultant has advised that the business will be worth more if its financial statements show a higher return on equity (ROE = net income / equity). Unfortunately an increase in profitability isn't feasible. The consultant also says that leverage can sometimes be used to improve ROE, and that since the firm earns a higher return (8%) than the after tax loan rate (5%), borrowing money to reduce equity will increase ROE. How much will Declan have to borrow to raise his firm's ROE to 12%?