Freeman Enterprises had a free cash flow of $$5$ million today $($year $0$ on your timeline$).$ An analyst expects free cash flows to grow by $10\%$ per year for each of the next three

years. After the third year, the analyst expects free cash flows to grow constantly forever at a rate of $2\%$ per year. The firm has $$20$ million in interest bearing debt, $$4$ million in

preferred stock, and $$15$ million in excess cash. The firm has $2$ million shares. The cost of capital for the company is $9\%.$ Based on the analyst's assumptions, what is the estimate

for the price per share of the firm's common equity?

$$32\mathrm{.}14$

$$40\mathrm{.}58$

$$72\mathrm{.}90$

$$55\mathrm{.}19$