BRT Corporation reported FCF of $6,000,000 in the most recently completed year. You expect FCF growth of 3% this year, 4% next year, and 6% in year 3. In year 4, FCF will begin to grow at a constant rate of 5%. The company has $12 million of debt and $4 million of preferred stock. There are 400,000 common shares outstanding. Your required return on this stock is 16%.

What is a share of this companys common stock worth today?

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