Consider a company that is currently all-equity financed with a share price of $12 and 4M (M=million) outstanding shares. The company's expected return of its equity is 9.0%. The corporate tax rate is 21%. The company wants to reduce its average cost of financing by issuing permanent debt and buying back existing equity shares. Q: How much permanent debt should the company raise to bring the current WACC to 7.69%? Report your answer in million (M) and round it to 2 decimal places. Consider a company that is currently all-equity financed with a share price of $12 and 4M (M=million) outstanding shares. The company's expected return of its equity is 9.0%. The corporate tax rate is 21%. The company wants to reduce its average cost of financing by issuing permanent debt and buying back existing equity shares. Q: How much permanent debt should the company raise to bring the current WACC to 7.69%? Report your answer in million (M) and round it to 2 decimal places