Aeroshopper Corporation is a fast-growing supplier of drones that can deliver food and groceries. Analysts project the following free cash ows during the next 3 years: Year 1: $30 million; Year 2: $20 million; Year 3: $50 million. Immediately following Year 3, Aeroshopper's free cash ow is expected to grow at a constant 6% rate. Suppose Aeroshopper has $80 million in marketable securities, $120 million in debt, $20 million in preferred stock, and 15 million shares of common stock. Aeroshopper's WACC is 18%.

(a) What is the current total rm value?

(b) What is the intrinsic value per share of common equity?