In the past, a venture capitalist entered into a Series A financing with a 2x liquidation preference, no participation rights, and a $25 post-money valuation. She invested 10mill. Now, she wants to sell her participation to another venture capitalist; however, she does not know the value of the claims. Assume the current value of the firm is 50 and next year it can be 40 or 60. At this moment, the firm is sold. The risk-free rate is 6%. What is the value of the venture capitalist's claims?

a. $21.3 mill

b. $0 mill

c. $22 mill

d. $22.6 mill