An all-equity company with a cost of debt of 4.75% and a cost of equity of 12% is considering borrowing $1,600,000. The borrowed funds would be used to repurchase shares. The company is currently valued at $3,600,000 and EBIT is expected to be the same amount every year indefinitely. Assume all the M&M assumptions are satisfied and all available earnings are immediately distributed to common shareholders. According to M&M Proposition I without taxes, what is this company's EBIT? Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit any commas and the $ sign in your response. For example, an answer of $1,000.50 should be entered as 1000.50