Suppose Beta Industries and Delta Technology have identical assets that generate identical cash flows. Beta Industries is an$$ all$-$equity firm, with $7$ million shares outstanding that trade for a price of $ $16\mathrm{.}00$ per share. Delta Technology has $22$ million shares$$ outstanding, as well as debt of $ $33\mathrm{.}60$ million.

a$.$ According to MM Proposition$$ I, what is the stock price for Delta $$Technology$?$

b$.$ Suppose Delta Technology stock currently trades for $ $8\mathrm{.}27$ per share. What arbitrage opportunity is$$ available? What assumptions are necessary to exploit this$$ opportunity?