A major pension fund is interested in purchasing Ted's stock. The pension fund manager has estimated Ted's free cash flows for the next 4 years as follows: $3 million, $6 million, $10 million, and $15 million. After the 4th year, free cash flow is projected to grow at a constant 7%.

Ted's WACC is 12%, the market value of its debt and preferred stock totals $60 million, and it has 10 million shares of common stock outstanding.

i. What is the present value of the free cash flows projected during the next 4 years?

ii. What is Ted's total value today?

iii. What is an estimate of Ted's price per share?