J&J Inc. is an unlevered firm, and it has a constant expected EBIT of $2 million per year. J&J's tax rate is 0%, and its market value is $12 million. The company has 1.2 million shares outstanding. The firm plans to raise $5 million debt and retire equity with the proceeds. The cost of debt is 10%. Assume Modigliani-Miller's propositions hold true. How many shares would have been retired? (a) 5,000,000 (b) 5,000 (c) 500,000 (d) 50,000