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?