The company plans to issue a new class of shares, class X, which is different from its common stock. The class X shares can have a pre-set dividend schedule and the holders of the class X shares must be paid any promised but unpaid dividends before any common shareholders receive dividends. This class X shares come with a mandatory redemption at a predetermined time with a value equal to that of one unit of common share but up to a dollar value capped at some predetermined price (i.e. the value of one unit of the class X share is capped at this predetermined price after redemption). Suppose the companys common stock is currently traded at $40 per share and has an annualized volatility of 0.20. The risk-free rate is 6% per annum.

Suppose neither the common stock nor the Class X stock pays a dividend. The mandatory redemption is in three years time and the value is capped at $60 per share. Give you best estimate of the current per-share price of this Class X stock?