Using the discounted free cash flow valuation model, the value of a company's operations is estimated to be $400 million. The company's balance sheet shows $20 million in short-term investments that are unrelated to operations. The balance sheet also shows $50 million in accounts payable, $90 million in notes payable, $10 million in deferred revenue, $30 million in long-term debt, $40 million in preferred stock, and $100 million in total common equity. If the company has 10 million shares of stock, what is your best estimate for the stock price per share?

a. $20.00 b. $25.00 c. $26.00 d. $10.00 e. $35.00