Tian Industries is considering a new project. The project is expected to increase Tian's free cash flow by 11.5 million the first year, and this cash flow is expected to decline at a rate of 1% per year from then on. The project will cost 125 million. Tian currently maintains a constant equity-to-debt ratio of 1.5, its corporate tax rate is 36%, its cost of debt is 4%, and its cost of equity is 10.5%. REQUIRED: i) How much equity does Tian need to issue to finance the project