b

Consider a company that is currently all-equity financed with a share price of $19 and 4M (Memillion) outstanding shares. The company's expected return of its equity is 8.6%. The corporate tax rate is 21%. The company wants to reduce its average cost of financing by issuing permanent debt and buying back existing equity shares. Q: How much pormanent debt should the company raise to bring the current WACC to 7.73%? Report your answer in million (M) and round it to 2 decimal places