A company generated free cash flow of $50 million during the past year. Free cash flow is expected to increase 4% over the next year and then at a stable 2.3% rate in perpetuity thereafter. The company's cost of capital is 11.0%. The company has $406 million in debt, $20 million of cash, and 36 million shares outstanding. What's the value of each share? a. 5.9 b. 4.0 C. 8.8 d. 37.2 e. 29.7