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what's the after-tax borrowing rate for a company to keep P/E the same after borrowing debt to retire 4million dollar common stock?

Price/earning (P/E) =market value / net income

M1-4m/ net income- 4m*R = M1/ net income

(x-y)/(z-y*a)=x/z

Xz-yz=xz-xya

a=z/x =net income/m1=1/PE=Earning YIELD

Earnings yield
The ratio of earnings per share, after allowing for tax and interest payments on fixed interest debt, to the current share price. The inverse of the price-earnings ratio. It is the total twelve months earnings divided by number of outstandingshares, divided by the recent price, multiplied by 100. The end result is shown in percentage terms. We often look at earnings yield because this avoids the problem of zero earnings in the denominator of the price-earning ratio. (BLOOMBERG)

但大家看看此题有否intuitive的解法呢？