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Calculate the PV of free cash flow, assuming a cost of equity of 9 % . Assume that Phoenix has 1 2 million shares outstanding.

Calculate the PV of free cash flow, assuming a cost of equity of

9 % .

Assume that Phoenix has

12

million shares outstanding. What is the price per share?

Confirm that the expected rate of return on Phoenix stock is exactly

9 %

in each of the years from

2020

2024

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