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 firms free cash flow is expected to grow by 4% per year forever. The discount rate for the firms 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