As in the case of bonds, you know that the value of a share of common stock is the present value of all the expected future cash flows that are associated with the bond.Unlike bonds, however, common stocks do not have a finite life (fixed number of periods to maturity).As such, the amount and timing of all future cash flows are not known with a high degree of certainty.In order to estimate the fair market value of a share of common stock at a particular point in time, therefore, you need to form expectations about the magnitude, timing and risk of these future cash flows.Once you have formed your expectations, you can calculate the present value of the cash flows as an estimate of the stocks current fair market value.Rework the previous question under the realization that you do not know the appropriate discount rate with certainty.You believe, however, that the appropriate discount rate should bebetween9 percent and 13 percent per year.Introducing this degree of uncertainty leads you to believe that a fair market value per share for McPherson Enterprises lies in the range of __________.

A. $52.50 - $72.50

B. $20.00 - $45.00

C. $30.00 - $61.00

D. $10.00 - $50.00