An unlevered company that has a current value of $1,800,000 is considering borrowing $800,000 and using the borrowed funds to repurchase shares. The company can borrow at 4.5% and has a cost of equity of 12%. EBIT is expected to remain the same every year forever. Assume all available earnings are immediately distributed to common shareholders and all the M&M assumptions are satisfied. What is the company's EBIT according to M&M Proposition I without taxes?