17. Foxglove Corp. has net income of $50 million and a dividend payout ratio of 40%. The companys target capital structure consists of 30% debt, 20% preferred stock and 50% common stock. The company wants to keep this same capital structure. What is the maximum amount of total financing the company can raise using only retained earnings as the common equity component? (Hint: compute the retained earnings breakpoint)

Group of answer choices

a. $20 million

b. $25 million

c. $30 million

d. $50 million

e. $60 million