Suppose Beta Industries and Delta Technology have identical assets that generate identical cash flows. Beta Industries is an all$-$equity firm, with $7$ million shares outstanding that trade for a price of

$$16\mathrm{.}00$ per share. Delta Technology has $22$ million shares outstanding, as well as debt of $$33\mathrm{.}60$ million.

a$.$ According to MM Proposition I, what is the stock price for Delta Technology?

b$.$ Suppose Delta Technology stock currently trades for $$8\mathrm{.}27$ per share. What arbitrage opportunity is available? What assumptions are necessary to exploit this opportunity?

a$.$ According to MM Proposition I, what is the stock price for Delta Technology?

According to MM Proposition I, the stock price per share for Delta Technology is $$,($Round to the nearest cent.$)$