Numbers, Inc is comparing two different capital structures: an all-equity plan (Plan I) and a levered plan (Plan II). Under Plan I, the company would have 195, 000 shares of stock outstanding. Under Plan II, there would be 140, 000 shares of stock outstanding and $1,787,500 in debt outstanding. The interest rate on the debt is 8%, and there are no taxes. What is the price per share of equity (Note: the share price is the same under Plan I and Plan II)?

a. $32.50

b. $45.50

c. $21.60

d. $56.60