2) Estimate the value of a stock using the following information:

Required Rate of Return: 9%

Growth rate of Free Cash Flow for the first 3 years: 5%

Growth rate of Free Cash Flow after 3 years in perpetuity: 3%

Most recent Free Cash Flow: $60,000,000

a) $1,000,000,000

b) $1,166,505,462

c) $1,500,000,000

d) $1,061,008,132