An all-equity firm has decided to issue $3 million worth of bonds and use the proceeds to repurchase 60,000 existing shares. There are currently 2 million shares outstanding. The annual interest rate on the new debt will be 12%. What is the break-even 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.)