HNV Inc. had FCFE of $2 (FCFE0) on $4 (E0) of earnings last year. FCFE and earnings are expected to grow at 20%(g1) over the next 2 years. After 2 years, the growth rate is expected to slow to 2% (g2). Using an appropriate discount rate of 10% and a 2 stage FCFE, what is the intrinsic value of its stock? Note V0=t=12(1+r)tFCFE0(1+gS)t+(1+r)2V2 with V2=rgLFCFE3 V0=t=12(1+r)tFCFE0(1+gS)t+(1+r)2V2 with V2=rgLFCFE3 Select one: a. $34.91 b. $61.09 c. $96.00 d. $36.72 e. $30.35