13. The market value of Cali Co. debt is $12 million and the market value of the companys preferred stock is $6 million. Your estimate of the total corporate value of Cali Co. is $76 million. If there are 2,320,000 shares outstanding, what is your estimate of the intrinsic value per share of Cali Co.s common stock?

Group of answer choices

a. $18.14

b. $23.50

c. $25.00

d. $40.52

e. $48. 71