An analyst seeks to determine the value of Vandalay Industries. After careful research, the analyst believes that free cash flows for the firm will be $80 million in the upcoming year (year 1) and will grow at 10% annually for each of the two following years (years 2 and 3). The free cash flows will grow at a rate of 5% after year 3. Vandalays WACC is 10% and the market value of the companys debt and preferred stock is $934 million. What is the value per share of Vandalays common stock if the company has 50 million shares of common stock outstanding?

Group of answer choices

a) $14.63

b) $22.63

c) $17.03

d) $16.23