32) Suppose you work as an Equity Research Analyst for the Teachers' Retirement Pension Fund. Your fund is offered to purchase Tech Revolution public offering at $3.50 per share. While your fund's manager is very interested in this stock, he also wants to make sure the fund pays a fair price per share, so he asked you to determine the fair price for the firm's stock. Using various sources, you gathered the following information about TechRevolution (12.50 points total): Year 2019 2020 2021 2022 Free cash flow (FCF forecast), $ 700,000 735,000 765,000 790,000 TBD Other data FCF growth rate (2023 to co) = 2% per year Weighted average cost of capital = 13% per year Market value of company's debt = $3,000,000 Market value of preferred stock = $0 Common shares outstanding = 1,000,000 a) Use the discounted free cash flow valuation approach to estimate the company's price per share. Make sure to find the value of terminal free cash flow and include it in your calculations (10 points) 1