Fuzzy Button Clothing Company is considering a one-year project that requires an initial investment of $700,000; however, in raising this capital, Fuzzy Button will incur an additional flotation cost of 2%. At the end of the year, the project is expected to produce a cash inflow of $340,000. The rate of return that Fuzzy Button expects to earn on the project after its flotation costs are taken into account is Fuzzy Button has a current stock price of $22.35 and is expected to pay a dividend of $2.45 at the end of next year. The company's growth rate is expected to remain constant at 5%. If the issue's flotation costs are expected to equal 2% of the funds raised, the flotation-cost-adjusted cost of the firm's new common stock is Fuzzy Button's addition to earnings for this year is expected to be $420,000. Its target capital structure consists of 50% debt, 5% preferred stock, and 45% common stock. Fuzzy Button Clothing Company's retained earnings breakpoint is (rounded to the nearest whole dollar)