Barrett Industries invests a large sum of money in R&D; as a result, it retains and reinvests all of its earnings. In other words, Barrett does not pay any dividends, and it has no plans to pay dividends in the near future. A major pension fund is interested in purchasing Barrett's stock. The pension fund manager has estimated Barrett's free cash flows for the next 4 years as follows: $3 million, $7 million, $8 million, and $14 million. After the fourth year, free cash flow is projected to grow at a constant 6%. Barrett's WACC is 12%, the market value of its debt and preferred stock totals $66 million, and it has 17 million shares of common stock outstanding.

Answer using my numbers please, not another problem already worked. Thanks.