Suppose Sigma Industries and Pi Technology have identical assets that generate identical cash flows. Sigma Industries is an all-equity firm, with 9 million shares outstanding that trade for a price of $18.00 per share. Pi Technology has 24 million shares outstanding, as well as debt of $48.60 million. a. According to MM Proposition I, what is the stock price for Pi Technology? b. Suppose Pi Technology stock currently trades for $12.68 per share. What arbitrage opportunity is available? What assumptions are necessary to exploit this opportunity?