Company ABC has total liabilities of $660,000 and total equity of $342,000. The company needs to raise additional funds through debt and equity.The company will issue 12,000 shares of common stock at $15 per share and in addition it intends to borrow as much as it can from Bank of XYZ. Bank ofXYZ requires a maximum debt-to-asset ratio of 0.64.What is the maximum additional amount that Company ABC can borrow after the additional stock is issued?

Select one:

a.$268,000

b.The company already reached the maximum and cannot borrow more

c.$164,332

d.$96,480