=d. Lastly, let's try a third terminal value. Estimate the fair market value of Torino Marine's equity per share at the end of 2006 under the following assumptions:

(1) Free cash flows in years 2007 through 2010 remain as above.

(2) At year-end 2010, Torino Marine has reached maturity, and its equity sells for a “typical” multiple of year 2010 net income. Use 17 as a typical multiple.