Answer questions 19 and 20 from the following data.

19. ACME Ventures has a free cash flow of $2M per year that is growing at 5.0%. It has preferred stock of $2M with a cost of 5.0% and common equity of $8M with a CAPM of 12.0%. There are also 1.5M common shares outstanding. What is the terminal value of ACME in a five-year analysis?

A. $35,714,286. B. $43,581,484. C. $45,581,484. D. $24,080,783.

20. What is the intrinsic value per share of ACME assuming a five-year holding period?

A. $22.48. B. $23.81. C. $30.38. D. $16.86.