Covan is expected to have the following free cash flow:

$FCF=10($ year $1)$

$FCF=12($ year $2)$

$FCF=13($ year $3)$

$FCF=14($year $4),$ grow by $3\%$ per year after year $4.$

Covan adds its FCF to cash, and has no plans to add debt. If you plan to sell Covan at the beginning of year $2,$ what is its expected price? $($Note: The cost of capital is $11\%.)$

$22\mathrm{.}18$

$21\mathrm{.}18$

$20\mathrm{.}18$

None of the answers mentioned