3. According to last year end's accounting statement, a company's free cash flow to equity (per share) is 2.75 dollars. Assume that this stock's free cash flow to equity is expected to grow 8.00% per year for the next 2 years; after that, it will grow 4.00% every year for three years; and then after this 5-year period, it will settle at a steady-state long-term growth rate at 3.00% per year forever. Assume that the cost of equity of this company is 11.00%. How much is this stock's fundamental value today