Hawar International is a shipping firm with a current share price of $42.78 and 19.2 million shares outstanding. Suppose that Hawar announces plans to permanently lower its corporate taxes issuing $229.99 million of debt at par and using the proceeds to repurchase shares. The only imperfections in the market are financial distress costs and corporate taxes, which Hawar pays at 29%. If the price of Hawar rises to $44.55 after the announcement, what is the present value of financial distress costs Hawar will incur as the result of this new debt?Oa. $71.50 millionOb. $66.70 millionc. $33.98 millionOd. $32.71 millionOe. $35.08 million