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A firm is expected to make $10 in free cash flow next year, $20 in free cash flow two years from now, and $30 in

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A firm is expected to make $10 in free cash flow next year, $20 in free cash flow two years from now, and $30 in free cash flow three years from now. Then the firm's free cash flow is expected to grow by 4% per year forever. The discount rate for the firm's equity is 9%. What is a fair stock price for the firm (HINT: Use the 2-stage stock pricing valuation model)? $49.17 $481.84 $531.02 $622.18

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