Johnson, Inc. is considering issuing additional long-term debt to finance an expansion. The company currently has $40 million in 5% debts outstanding Its earnings after tax EAT) are S4.8 million and its tax rate is 40 percent. The company is required by the debt holders to maintain its times interest earned ratio at 4.0 or greater. How much additional 8 percent debt can the company issue now and maintain its times interest earned ratio at 4.0? Assume for this calculation that earnings before interest and taxes remains at its present level