Analysts project the following free cash flows (FCFs) for Ezzell Corporation during the next 3 years, after which FCF is expected to grow at a constant 7% rate. Ezzells WACC is 12%. Ezzell has $100 in debt and 40 shares of stock.

Time	Year 0	Year 1	Year 2	Year 3	Year 4
FCF		-$50	$60	$35	??

What should be the current price of Ezzells stock?

Select one:

a. $ 9.22

b. $11.53

c. $11.22

d. $13.22

e. $12.98