3. The present value of JECK Co.'s expected free cash flow is $100 million. If JECK has $33 million in debt, $5 million in cash, and 2.6 million shares outstanding, what is its share price? The company's share price is $___? (Round to the nearest cent.)

4. Portage Bay Enterprises has $1 million in excess cash, no debt, and is expected to have free cash flow of $14 million next year. Its FCF is then expected to grow at a rate of 5% per year forever. If Portage Bay's equity cost of capital is 12% and it has 4 million shares outstanding, what should be the price of Portage Bay stock? The price of Portage Bay's stock is $_____ per share. (Round to the nearest cent.)