Question: Based on the corporate valuation model, Morgan Inc.’s value of operations is 300 dollar million. The balance sheet shows 90 dollar million of notes payable, $30 million of long-term debt, 40 dollar million of preferred stock, and 100 dollar million of common equity. The company has 10 million shares of stock outstanding. Determine the stock’s price per share?
[A] $13.30
[B] $14.00
[C] $14.70
[D] $12.00
[E] $12.64