TRANS-ALASKA PIPELINE is an all-equity firm with 10 million shares outstanding and is evaluating two alternative financing plans. With the first plan, TRANS-ALASKA will sell 1 million shares of common stock at $15 each. Under the second plan, the firm would sell $15 million of 12% long-term debt. If TRANS-ALASKA has a marginal tax rate of 35%, what is the EBIT-EPS indifference point?

	$12.9 million
	$19.8 million
	$11.7 million
	$18.0 million