Brown Swiss Butter Co. is debating between a leveraged and an unleveraged capital structure. The all-equity capital structure would consist of 125,000 shares of stock. The debt and equity option would consist of 100,000 shares of stock plus $480,000 of debt with an interest rate of 8 percent. What is the break-even level of earnings before interest and taxes between these two options? Ignore taxes. Select one: a. $163,200 b. $192,000 c. $201,600 d. $204,000 e. $172,800