Based on the corporate valuation model, the total corporate value of Chen Lin Inc. is $725 million. Its balance sheet shows $110 million in notes payable, $90 million in long-term debt, $20 million in preferred stock, $140 million in retained earnings, and $280 million in total common equity. If the company has 25 million shares of stock outstanding, what is the best estimate of its stock price per share?

a. $20.20

b. $18.18

c. $22.83

d. $21.21

e. $24.44