Sand Key Development Company has a capital structure consisting of $$20$ million of $10\%$ debt and $$30$ million of common equity. The firm has $500,000$ shares of common stock outstanding. Sand Key is planning a major expansion and will need to raise $$15$ million. The firm must decide whether to finance the expansion with debt or equity. If equity financing is selected, common stock will be sold at $$75$ per share. If debt financing is chosen, $9\%$ coupon bonds will be sold. The firm's marginal tax rate is $34\%.$ Determine the level of operating income at which Sand Key would be indifferent between debt financing and equity financing.