Problem 16-11 M and M and Taxes (LO2] Once Bitten Corp. uses no debt. The unleveraged cost of capital is 5.9 percent. The current market value of the equity is $12 million and the corporate tax rate is 35 percent. What is EBIT? Note: Use the M&M proposition I formula with taxes but without any debt and solve for the EBIT. (Do not round intermediate calculations. Enter your answer in dollars, not millions of dollars, e.g., 1,550,000, not 1.55. Round your answer to 2 decimal places, e.g., 1.55.) EBIT