Max industries is planning to invest in a number of projects during the next fiscal year. Given they substantial capital investment, the board of directors have assigned you with finding the break points in their capital structure so that in the future they calculate properly the cost of capital. The firm has 1,991,225 common shares outstanding and can borrow up to $31,706,935 in new debt before the interest rate increases; the firm can then borrow any amount at the higher rate. Taxes are 29.5% and debt is 53% of the target capital structure. In addition, the firm forecast EPS of $35 for the current fiscal year and plans to continue with its historical dividend payout ratio of 36%. The firm does not use preferred equity. Hint: with the data above you can calculate retained earnings. Calculate the break point in the MCC schedule for Common Equity. Enter your answer in the box below, to the nearest penny.