An analyst forecasts Banner Corp. to generate free cash flow of -$10.2 million for the year ending one year from today, $41.9 million for the year ending two years from today, and $62.8 million for the year ending three years from today, After that, these free cash flows are expected to grow indefinitely at a 6% annual rate. Banner Corp. has $80 million of S.T. investments, $15 million of notes payable, $120 million of long-term debt, and 80 million shares of common stock outstanding. Assume Banner Corp. has a weighted average cost of capital, WACC, of 9.0%. What is the per share intrinsic value of Banner Corp. common stock.

a. $21.85

b. $23.34

c. $26.59

d. $29.17

e. none of the above