Brandtly Industries invests a large sum of money in R&D; as a result, it retains and reinvests all of its earnings. In other words, Brandtly 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 Brantly's stock. The pension fund manager has estimated Brantly's free cash flows for the next 4 years as follows: $3 million, $6 million, $9 million, and $16 million. After the fourth year, free cash flow is projected to grow at a constant 8%. Brantly's WACC is 16%, the market value of its debt and preferred stock totals $70 million; it has 24 million shares of common stock outstanding.

a. What is the present value of the free cash flows projected during the next 4 years? (Round to two decimal places. Do not round your intermediate calculations)

b. What is the firm's horizon, or continuing, value? (Round to two decimal places)

c. What is the firm's total value today? (Round to two decimal places. Do not round your intermediate calculations)

d. What is an estimate of Brantly's price per share? (Round to two decimal places. Do not round your intermediate calculations)