Suppose an all-equity firm has a value of $15,000 and 150 shares outstanding. The firm has issued 50 warrants, each of which may be exchanged for 1 share. The warrants have an exercise price of $90. If the firm will be worth $14,500 in one period (before exercise), what will the price of the shares be assuming the warrants are exercised?

Select one:

a. $90.00

b. $92.25

c. $95.00

d. $96.67

e. $98.00