Flag questionQuestion textOn December 31, 2015, Panettone Inc. has total liabilities of $555,500 and total equity of $1,049,500. The company needs to raise additional funds through debt and equity. The company willissue 4,000 shares of common stock at $13.25 per share and in addition it intends to borrow as much as it can from Bank of Switzerville. Bank of Switzerville requires a maximum debt-to-asset ratio of 0.64. What is the maximum additional amount that the company can borrow after the additional stock is issued?
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