AI Limited is a mature firm with an expected stable growth rate of 3% per annum in perpetuity. The firm's pro-forma FCFF from its operating business for the end of the year (at t = 1) is equal to $56.65 million. AI Limited has 100 million common shares outstanding; outstanding debt = $700 million; tax rate = 30%; cost of equity = 10%, and cost of capital = 8%. Its current market share price is equal to $6.00 per share and non-operating assets are fairly-valued at $157 million. Calculate the fair-value of the firm's equity per share using the firm valuation approach.

	A.	$ 3.09
	B.	$11.33
	C.	$ 1.09
	D.	$ 4.33
	E.	$ 5.90