Vapid Motors Inc. is currently all$-$equity financed with $1,391,369$ shares outstanding. Vapid wants to raise $$3\mathrm{.}5$M in new funds and is considering two financing options. Option A is all equity. Vapid will issue new shares at $$7$ per share. Option B is debt financing. Vapid will borrow the money at an interest rate of $12\mathrm{.}4\%.$ The tax rate is $49\%.$ Use this information to answer the following questions. What is the EBIT$-$EPS indifference level? Please do it without excel and explain each step. The answer is $1\mathrm{.}64$ million.