The management of a conservative firm has adopted a policy of never letting debt exceed $40$ percent of total financing. The firm will earn $$10,000,000$ but distribute $50$ percent in dividends, so the firm wil have $$5,000,000$ to add to retained earnings. Currently the price of the stock is $$40$; the company Days a $54$ per share dividend, which is expected to grow annualy at $9$ percent. If the compary sells new shares, the oet to the company will be $$36.$ Given this Information, what is the