Analysts project the FIN340 Companys upcoming 5 years of (undiscounted) cash flow is as follows:

	Projected (Undiscounted) Future Cash Flows
Year 1	$2,000,000
Year 2	$2,100,000
Year 3	$2,205,000
Year 4	$2,315,250
Year 5	$2,431,013

Other key assumptions regarding the FIN340 Company are provided below:

• The annual cash flow growth rate assumed in the above projections is 5.0%/year.
• The FIN340 Companys terminal value (value of all cash flows in year 6 & beyond) is projected at 1.5 times the discounted value of Year 5 cash flow.
• The discount rate (required rate of return) for the FIN340 Company is 10.0%.
• The FIN340 Company has 100,000 shares outstanding.
• The company carries no debt and is fully financed with equity.

Using the Discounted Cash Flow (DCF) Model, calculate the fair market value per share for the FIN340 Company stock (in other words, the maximum price an investor would be willing to pay per share).

	A.	$20.00
	B.	$83.01
	C.	$105.65
	D.	$292.84
	E.	$110.51