GM's equity value is $30 million with 6 million shares outstanding. GM raises an additional $4 million by placing 1 million shares at $4 each to a group of institutional investors. Assuming that the current equity value of GM is unaffected by other information in the placement announcement, what is the post placement wealth of the old shareholders closest to?

a. $25.71m.

b. $29.14

c. $27.32m. d. $30.86m.