Question: Ariel Inc., is comparing two different capital structures: An all-equity plan (Plan I) and levered plan (Plan II). Under Plan I, the company would have

Ariel Inc., is comparing two different capital structures: An all-equity plan (Plan I) and levered plan (Plan II). Under Plan I, the company would have 301,014 shares of stock outstanding. Under Plan II, there would be 166,296 shares of stock outstanding and $7.9 million in debt outstanding. The interest rate on debt is 4.3 percent, and there are no taxes. What is the firm's break-even EBIT?

[Round the final answer to the nearest cent]

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