The information below is for the next 5 questions: ABC Inc. has 2.8 million common shares outstanding. The companys common stock price from the balance sheet is $20 per share. The latest trading price for the common stock is $35 per share. The cost of common stock = 12%. The company has one issue of preferred stock, whose dividend yield is currently 7.67%. There are a total 0.5 million of preferred shares. Coupon rate = 7% and face value per share is $100. The company has also issued convertible bond, with a total face value of $15 million, a 12-year maturity, and a coupon rate of 7.8%. The convertible bond is currently trading at a total market value of $19 million. Before tax cost of debt = 7%. Tax rate = 0.4

Calculate the market value ($m) of preferred stock. A. 51.27 B. 45.63 C. 76.61