Flex Gyms embarks on an aggressive facility expansion that requires additional capital. Management decides to finance the expansion by borrowing $145 million and issuing $35 million in preferred stock. The projected free cash flows are -$25 million for the end of year 1, $15 million for year 2, $40 million for year 3, and $70 million for year 4. After the fourth year, free cash flow is projected to grow at a constant 4.25%. The overall cost of capital is 6.75%.

a) Calculate the total enterprise value.

b) Calculate the per-share value if the company has 45 million shares of stock.