Carbonara Company designed an app such that college students can check their student loan offerings (balance, interest) at any time. The company financed this project using stocks. Carbonara does not pay a dividend. He anticipates that the expected free cash flow next year is $100 million USD. The company also anticipates that investors require a 15% return on this project.

If Carbonara announces that free cash flow is expected to grow at 9% next year, what is the value of operations today?

If Carbonara has no debt and 1 million shares outstanding, what is the expected price of the stock today?