Suppose Sigma Industries and Pi Technology have identical assets that generate identical cash flows. Sigma Industries is an all$-$equity firm, with $7$ million shares outstanding that trade for a price of $$22\mathrm{.}00$ per share. $$ Technology has $15$ million shares outstanding, as well as debt of $$46\mathrm{.}20$ million.

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

b$.$ Suppose Pi Technology stock currently trades for $$11\mathrm{.}33$ 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 Pi Technology?

According to MM Proposition I, the stock price per share for Pi Technology is $

$($Round to the nearest cent.$)$