The cost $of$ equity $of$ Two Corners $Co.is13\mathrm{.}1\%.$ Two Corners

currently has $1$ million shares outstanding with a total market value

$of$ $$92$ million and $no$ debt. The tax rate $is24\%.$ What will $be$ the

new share price $if$ the firm borrows $$3\mathrm{.}7$ million $of$ perpetual debt $a$

$4\mathrm{.}9\%$ interest rate and repurchases $an$ equal value $of$ equity shares?

$a.$ $$94\mathrm{.}05$

$b.$ $$93\mathrm{.}47$

$c.$ $$92\mathrm{.}31$

$d.$ $$92\mathrm{.}89$

$e.$ $$94\mathrm{.}63$