Timco shares are currently valued at 53 each. There are two million outstanding. Last year the dividend was 2, but we expect it to grow at 8% forever. NI is expected to be 10 million. The firm uses 40% debt in their capital structure. They can borrow more at 4%. The tax rate is 35%. New shares can be sold for 6% flotation costs. Find the breakpoint and the WACC before and after.