$($Growth Opportunities$)$ California Real Estate, Inc., expects to earn $$75$ million per year in per$-$ petuity if it does not undertake any new projects. The firm has an opportunity to invest $$9$ million today and $$5$ million in one year in real estate. The new investment will generate annual earn$-$ ings of $$8$ million in perpetuity, beginning two years from today. The firm has $14$ million shares of common stock outstanding, and the required rate of return on the stock is $12$ percent. Land investments are not depreciable. Ignore taxes.

a$.$ What is the price of a share of stock if the firm does not undertake the new investment?

b$.$ What is the value of the investment?

c$.$ What is the per$-$share stock price if the firm undertakes the investment?