Pinder Ltd operates in the world of Modigliani and Miller. Pinder Ltds EBIT is expected to be $159,712 and all earnings will be paid out as dividends. Pinder Ltd currently is unlevered and has 405,508 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 25%, 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

$21.91

$22.30

$22.03

None of the other answers.

$22.12