your firm needs to raise $12 million to finance its captial expenditures for the coming yesr. the firm esrned 4 million last yesr and will pay out half this amount in dividens. if the firms CFO wants to finance new investments using no more than 40 percent debt financing, how much common stock will the firm issue to raise the needed 10 million?

(Dividend policy and the issue of new shares of common stock Your firm needs to raise $12 million to finance its capital expenditures for the coming year. The firm eamed S4 milion last year and will pay out half this amount individends. If the firm's CFO wants to finance new investment using no more than 40 percent debt financing, how much common stock will the firm have to issue to raise the needed $10 milion? How much common stock will the firm tuve to issue? $ milion (Round to two decimal places)