A firm is considering a capital restructuring. The existing firm is unlevered and has 55,000 shares of common stock outstanding at a market price of $20 per share. The new structure would include $275,000 of bonds with a coupon rate of 9 percent, and $125,000 worth of bonds with a coupon rate of 7 percent. Both bond issues will be traded at par at the time of issue. All of the money raised from the debt issue would be used to repurchase stock. This restructuring is expected to increase the earnings per share. What is the minimum level of earnings before interest and taxes that the firm is expecting? Ignore taxes