33.Tapley Inc.'s current (target) capital structure has a target debt-to-assets ratio (D/TA) of 60 percent.The firm can raise up to $5 million in new debt at a before-tax cost of 8 percent. If more debt isrequired, the initial cost will be 8.5 percent, and if more than $10 million of debt is required, the costwill be 9 percent. Net income for the previous year was $10 million, and it is expected to increase by10 percent this year. The firm expects to maintain its dividend payout ratio of 40 percent on the 1million shares of common stock outstanding. If it must sell new common stock, it would encounter a10 percent flotation cost on the first $2 million, a 15 percent cost if more than $2 million but less than$4 million is needed, and a 20 percent cost if more than $4 million of new outside equity is required.Tapley's tax rate is 30 percent, and its current stock price is $88 per share. If the firm has an unlimitednumber of projects that will earn a 10.25 percent return, what is the maximum capital budget that canbe adopted without adversely affecting stockholder wealth?

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