The Mason Corporation's present capital structure, which is also it's target capital structure, calls for 50 percent common equity. The firm has only one potential project, an expansion program with a 10.2 percent expected return and a cost of $20 million, which is completely divisible---that is, Mason can invest any amount up to $20 million, The firm expects to retain $3 million of earnings next year. It can raise up to $5 million in new debt at a before-tax cost of 8 percent, and all debt after the first $5 million will have a before-tax cost of 10 percent. The cost of retained earnings is 12 percent, and the firm can sell any amount of new common stock desired at a constant cost of 15 percent. The firm's marginal tax rate is 40 percent. What is the firm's optimal capital budget?