Iota Industries is an all-equity firm with 50 million shares outstanding. Iota has $200 million in cash and expects future free cash flows of $75 million per year. Management plans to use the cash to expand the firm's operations, which in turn will increase future free cash flows by 12%. Iota's cost of capital is 10% and assume that capital markets are perfect.

35. The price per share of Iota if they use the $200 million to expand is closest to:

a. $13.75

b. $16.50

c. $19.00

d. $16.80

36. The price per share of Iota if they decide not to use the $200 million to expand and hold the cash instead is closest to:

a. $16.50

b. $16.80

c. $19.00

d. $13.75

37. The NPV of Iota's expansion project is closest to:

a. -$110 million

b. -$137.5 million

c. $0

d. $75 million