Global News is a media company with 500 million shares outstanding, trading at $20/share and $1.5 billion in debt outstanding (in market value terms). If the marginal tax rate for the firm is 35%, the cost of bankruptcy is 15% of the current firm value, and the probability of bankruptcy at the current debt level is 20%, what is the unlevered value of the firm?

Select one:

a. $14,200

b. $22,670 million

c. $14,470 million

d. $11,320 million