Estimate the intrinsic stock price () with the following data. (20 points)

Year 1 FCF=-$10 million, Year 2 FCF=$20 million, Year 3 FCF=$30 million

, FCF grows at constant rate of 5% after 3 years, WACC=11%, t term

investments=$100 million, Debt=$200 million, Preferred Stock=$50 million, Number of

shares=n=$20million