Bonus: McClelland Enterprises invests a lot of money in R&D, and as a result it retains and reinvests all of its earnings instead of paying dividends. A pension fund manager is interested in purchasing McClelland's stock and has estimated its free cash flows for the next 3 years as follows: $3 million, $7 million, and $13 million. After the 3rd year, FCF is projected to grow at a constant 9 percent. McClelland's WACC is 14 percent, its debt and preferred stock total $50 million, and it has 5 million shares of common stock outstanding. What is the value of McClelland's stock price? a. $26.92 b. $41.62 c. $31.62 d. $60.04 O e. $36.92