Based on the corporate valuation model, the value of company's operations is $900 million. Its balance sheet exhibits $70 million in accounts receivable, $50 million in inventory, $30 million in short-term investments which are unrelated to operations, $20 million in accounts payable, $110 million in notes payable, $90 million in long-term debt, $20 million in preferred stock, $140 million in retained earnings, and $280 million in total common equity. If the company consists of 25 million shares of stock outstanding, describe the best estimate of the stock's price per share?
a. $23.00
b. $25.56
c. $28.40
d. $31.24
e. $34.36