ABC Company has 19,263 shares of stock outstanding and no debt. The new CFO is considering issuing $44,965 and using the proceeds to retire 879 shares of stock. That is, the new shares outstanding will be 19,263 - 879. The coupon rate on the debt is 7.8%. What is the break-even level of Earnings before Interest and Taxes (EBIT) between the two capital structure options? Round off your answer to two decimal points.