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A company sells for $ 2 0 million. A preferred investor has the option of taking their capped ( 2 x ) participating preference of

A company sells for $20 million. A preferred investor has the option of taking their capped (2x) participating preference of $10 million or converting into common shares. The investor owns 500,00 preferred shares with a 1:1 conversion to common. There are 1,000,000 existing common shares in the company today. What are the investors proceeds?
a. $13.3 million
b. $10.0 million
c. $6.7 million
d. $20.0 million

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