VCs have invested $5M in a Series A financing round for 5M shares, and the total number of shares is 15M after series A investments.

Term sheet specifies the security structure as PCPC with following conditions.

PCPC: [Alternative 3 (cap on Preferred Stock participation rights): First pay one times the Original Purchase Price on each share of Series A Preferred. Thereafter, Series A Preferred participates with Common Stock pro rata on an as-converted basis until the holders of Series A Preferred receive an aggregate of four times the Original Purchase Price.

If exit value W = $ 72, what is the value of the security?

a) $36M

b) $24M

c) $12M