A commercial bank (X) needs to raise $ 8 million in external capital. The bank currently has 7.5 million shares of common stock outstanding at $1-per-share par value and has total assets of close to $2 billion, with $105 million in equity capital. Given a tax rate = 34% During the coming year, the bank is forecasting total operating revenues of $175 million, and its total operating expenses will be 96% of its total operating revenues. The bank has to choose the best alternative among the three available alternatives to consider, in raising this extra capital from external sources. These three alternatives are: (1) Option (1) is to sell common stock, at a price of $ 25 per share. (2) Option (2) is to sell preferred stock bearing 9% dividend yield at $12 per share. (3) Option (3) is to sell subordinated capital notes bearing a 10% coupon rate. Calculate and explain, what is the best alternative among the three capital-raising options in this problem? And explain why? Hint: In your calculations, keep 2 digits after the decimal point