Once Bitten Corp. uses no debt (it is "unleveraged"). The weighted average cost of capital is 4.8 percent.

If the current market value of the equity is $23 million and there are no taxes, what is EBIT?

Note: Use the M&M proposition I formula without taxes and without debt and solve for the EBIT. Use the WACC here as a measure of the unleveraged cost of capital RU. (Do not round intermediate calculations. Enter your answer in dollars, not millions of dollars, e.g. 1,234,567.)