Lemansky Enterprises is considering a change from its current capital structure. The company currently has an all$-$equity capital structure and is considering a capital structure with $25$ percent debt. There are currently $8400$ shares outstanding at a price per share of $$50.$ EBIT is expected to remain constant at $$47,000.$ The interest rate on new debt is $7$ percent, and there are no taxes.

a$.$ Rebecca owns $$20,000$ worth of stock in the company. If the firm has a $100$ percent payout, what is her cash flow?

b$.$ What would her cash flow be under the new capital structure assuming that she keeps all of her shares?

c$.$ Suppose the company does convert to the new capital structure. Show how Rebecca can maintain her current cash flow.

d$.$ Under your answer to part c$,$ explain why the company$$s choice of capital structure is irrelevant