Open Ltd Is Listed on the TSX, Has a Price-Earnings Ratio

Open Ltd. is listed on the TSX, has a price-earnings ratio 20, earned $6 million in the year just ended, and has 4 million common shares outstanding. Closed Inc. is similar in many respects, but is not listed on any stock exchange and its shares are considered less marketable. What value might analysts put on Closed Ltd.'s shares?

A) $9.33
B) $13.33
C) $21.00
D) $30.00
E) $40.10