All the rates including the growth rates are annual.

Local Food's free cash flow was just FCF0=$155,000. Analysts expect the company's free cash flow to grow by 27% this year and next year, by 11% in Year 3 and Year 4 , and at a constant rate of 6% in Year 5 and thereafter. The WACC for this company 11.25%. Local Food has $4.5 million in short-term investments and $7 million in debt and 2 million shares outstanding. What is the best estimate of the stock's current stock price? All the rates including the growth rates are annual