Given the following data for year 1: Profits after taxes = $12 million; Depreciation = $6 million; Interest expense = $6 million; Investment in fixed assets = $12 million; Investment in working capital = $3 million. The corporate tax rate is 19 percent. Assume that free cash flow grows at a rate of 5 percent for years 2 and 3, and then it grows at a rate of 3 from year 4 and beyond. The weighted average cost of capital is 9 percent. If the company has $20 million debt and 1 million shares outstanding. What is the value per share?

$115.72

$113.33

$140.03

$120.54