Lee Manufacturing's value of operations is equal to $245 million after a recapitalization (the firm had no debt before the recap). Lee raised $154 million in new debt and used this to buy back stock. Lee had no short-term investments before or after the recap. After the recap, wd =62.86%. The firm had 36 million shares before the recap. What is P (the stock price after the recap)?

1. $17.00
2. $20.15
3. $34.53
4. $25.36
5. $6.81