2. Two-stage FCFE Model The growth rate of the FCFE of XYZ, Inc. is expected to be 15%per year for the next four years, after this four-year period, the growth rate in FCFE is expected to be 8% per year, indefinitely. Its trailing 12-month free cash flow to equity (FCFE) was $22. XYZ's cost of equity is 12% and weighted average cost of capital is 10%. What is the stock's intrinsic value estimate according to the two- stage FCFE Model