Q$4$: Sun Minerals Inc., is considering issuing additional long$-$term debt to finance an expansion.

Currently, the company has $ $50$ million with $10$ percent interest rate debt outstanding. It's after tax net income iss $12$ million, and the company is in the $40$ percent tax bracket. The company is required by the debt holders to maintain its times interest earned ratio at $3\mathrm{.}5$ or greater.

How much additional debt can the company issue and maintain times interest earned ratio of $3\mathrm{.}5,$ assuming the interest rate on debt is $10\%$ and EBIT has not changed?