ABC Bike Company has $200,000 in assets, and had Earnings Before Interest and Taxes of $50,000 for the 12 month period ended September 30th. The company's marginal tax rate is 40% and it pays interest of 8% on any debt. If the company has a 50% Debt/Assets ratio, then it has $100,000 of debt, its net income BEFORE taxes but after deducting interest expense is