Thomson Enterprise, Inc. expects to earn $85 million per year in perpetuity if it does not undertake any new projects. The firm has an opportunity to invest $18 million today and $7 million in one year in real estate. The new investment will generate annual earnings of $11 million in perpetuity, beginning two years from today. The firm has 20 million shares of common stock outstanding, and the required rate of return on the stock is 12\%. Land investments are not depreciable. Ignore taxes. i) What is the price of a share of stock if the firm does not undertake the new investment? (10%) ii) What is the value of the investment? (5\%) iii) What is the per-share stock price if the firm undertakes the investment? (10%)