Irving currently has $50,000,000 in bonds outstanding with a coupon rate of 5% paid semiannually and a maturity of 10 years. The bonds are currently selling at a quoted price of 95. The company also has 30,000 shares of 8% preferred stock outstanding ($100 par), currently selling for $95 per share. In addition, the company has 1,000,000 common shares outstanding, selling for $60 per share. The firm has a tax rate of 40%, a beta of 1.5, an ROE of 20%, and a dividend payout ratio of 20%. The firm just paid an annual dividend of $2 per common share. Flotation cost to issue new debt is 2%, new preferred share is 4%, and new common share is 10%. The firm has $5,000,000 in internally generated funds available.

Compute the annual operating revenues before taxes for which you should be indifferent between taking and rejecting the project. Assume that the annual operating expenses before taxes are equal to 50% of the annual operating revenues before taxes. Also, assume that all other numbers are unchanged.