Pinder Ltd operates in the world of Modigliani and Miller. Pinder Ltds EBIT is expected to be $157,579 and all earnings will be paid out as dividends. Pinder Ltd currently is unlevered and has 406,412 shares outstanding. Mary buys 5 shares of Pinder Ltd at $3 per share, but is unsatisfied with the expected rate of return on her investment in Pinder Ltd. If she can borrow at 5% and wants to achieve a rate of return of 20%, how much money should she borrow to buy additional shares in Pinder Ltd, based only on the information above? (round to the nearest two decimal places)

Group of answer choices

$13.51

None of the other answers.

$13.60

$13.39

$13.78