Hofmann Enterprises invests a lot of money in R&D$,$ and as a result it retains and reinvests all of its earnings instead of paying dividends. A pension fund manager is interested in purchasing Hofmann$$s stock and has estimated its free cash flows for the next $3$ years as follows: $$2$ million, $$6$ million, and $$9$ million. After the $3$rd year, FCF is projected to grow at a constant $5$ percent. Hofmann$$s WACC is $7$ percent, its debt and preferred stock total $$100$ million, and it has $8$ million shares of common stock outstanding. What is the value of Hofmann$$s stock price?

a$.$

$$48\mathrm{.}37$

b$.$

$$37\mathrm{.}52$

c$.$

$$46\mathrm{.}87$

d$.$

$$50\mathrm{.}02$

e$.$

$$34\mathrm{.}37$