Given the following information, calculate the point in total funding where the firm will exhaust available retained earnings.

bond yield: $6\%$

tax rate: $35$

available retained earnings: $$3,500,000$

cost of new common stock: $14\mathrm{.}9\%$

cost of retained earnings: $10\mathrm{.}3\%$

capital structure:

$39\%$ debt

$10\%$ preferred equity

$51\%$ common equity

$$9,564,732$

$$8,698,161$

$$5,854,641$

$$6,862,745$

none of these