The current value of an unlevered firm is $1,800,000. The firm can borrow at 4.5%, has a cost of equity of 12%, and expects its current EBIT will remain the same every year forever. The firm is considering borrowing $800,000 and using the proceeds to repurchase shares. Assume all the Modigliani and Miller (M&M) assumptions are satisfied and all available earnings are immediately distributed to common shareholders. According to M&M Proposition I without taxes, what is the firm's EBIT?