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A firm has $20 million of debt and $30 million of preferred stock. It has an expected free cash flow (FCF) of $3 million at

A firm has $20 million of debt and $30 million of preferred stock. It has an expected free cash flow (FCF) of $3 million at the end of period 1 and $20 million at the end of period 2. The period 3 end FCF is expected to be $10 million and is then expected to grow at a rate of 4% in perpetuity. The WACC is 11%. If there are 2 million shares outstanding, what is the value per share?

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