The annual earnings of M&M Inc. are expected to stay at 100 million in perpetuity if the company does not undertake any new projects. The company has an investment opportunity that requires an initial investment of 20 million in year 1 and will generate 10 million additional earnings every year from year 2 onwards. Assume that all cash flows occur at the end of the year. M&M has 20 million shares of common stock outstanding and no preferred stock. The required rate of return on the M&M stock is 10% per year. (a) What is the price of the M&M stock if the company does not undertake the new project? (b) What is the present value of the growth opportunities (PVGO) resulting from the new project? (c) What is the price of the M&M stock if the company undertakes the new project?