Big Blue Banana $($BBB$)$ is a clothing retailer with a current share price of $$10\mathrm{.}00$ and $30$ million shares outstanding, and no

debt. Now Big Blue Banana announces plans to lower its corporate taxes by borrowing $$150$ million and using the

proceeds to repurchase shares. Suppose that BBB pays corporate taxes of $23\%$ and that shareholders expects the

change in debt to be permanent. Assume that capital markets are perfect except for the existence of corporate taxes and

financial distress costs. If the price of BBB$\text{'}$s stock rises to $$11\mathrm{.}00$ per share following the announcement, then the present

value of BBB$\text{'}$s financial distress costs is closest to:

a$.$ $$30\mathrm{.}00$ million

b$.$ $$21\mathrm{.}25$ million

c$.$ $$4\mathrm{.}50$ million

d$.$ $$8\mathrm{.}25$ million

Please help me with this questions, explain each step. Thanks in advance$)))$