Consider two firms, ABC and XYZ$,$ that have identical assets that generate identical cash flows. XYZ is an all$-$equity firm, with $1$ million shares outstanding that trade for a price of $$24$ per share. ABC has $2$ million shares outstanding and $$12$ million in debt at an interest rate of $5\%.$

According to MM Proposition $1,$ the stock price for ABC is closest to: