1. Lockeran Co. has the following projected sales, costs, net investment and free cash flow in millions. The anticipated growth rate in free cash flows after year 6 is 3% per year forever. There are 31 million shares outstanding and investors require a return of 7% on the company's stock. Using the constant growth model to find the terminal value, then calculate the price of the company's stock. (Round to 2 decimals) Sales Costs Taxes Net Income (OCF) Net Investment FCF 1 2 3 4 5 6 187 200 225 248 267 283 55 61 68 76 85 95 18 23 25 28 30 31.5 114 116 132 144 152 156.5 50 55.5 57.5 63.25 68.25 72.25 64 60.5 74.5 80.75 83.75 84.25