3) Year 1 2 3 4

Free Cash Flow $12 million $18 million $22 million $26 million

Conundrum Mining is expected to generate the above free cash flows over the next four years, after which they are expected to grow at a rate of 5% per year. If the weighted average cost of capital is 11% and Conundrum has cash of $85 million, debt of $65 million, and 30 million shares outstanding, what is Conundrum's expected current share price?

A) $12.61

B) $16.40

C) $20.18

D) $20.81

USE A FINANCIAL CALCULATOR PLEASE.