Case X: A potential investor is seeking to invest $500,000 in a venture, which currently has 1,000,000 million shares held by its founders, and is targeting a 50% return five years from now. The venture is expected to produce half a million dollars in income per year at year 5. It is known that a similar venture recently produced $1,000,000 in income and sold shares to the public for $10,000,000.

Q: In Case X, what is the issue price per share?

(a) $0.1203

(b) $0.1584

(c) $0.1939

(d) $0.3168

(e) None of the above