company is forecasted to generate free cash flows of $50 million for the next three years. After that, cash flows are projected to grow at a 2.2% annual rate in

perpetuity. The company's cost of capital is 11.5%. The company has $62 million in debt, $9 million of cash, and 20 million shares outstanding. What's the value

of each share?

a. 81.2

b. 23.2

c. 60.5

d. 35.1

e. 44.7