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Firm WHOA is a one-year firm that produces a single cash flow next year. In the good state, the assets produce $40M and in the bad state the assets produce $18M. The two states are equyilly likely. The firm owes $20M in debt next year and has no other debt outstanding. If the firm defaults, 1 must pay $2M in legal fees and other bankruptcy costs. The firm has an asset beta of 0.95 and a debt beta of 0.10. Assume a risk free rate of 3 percent, the market risk premium is 8 percent, and that there are 2M shares outstanding. What is the value of WHOA? A.264.15 B.25.32 C.26.22