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Lockean Co. has the following projected sales, costs, net investment, and free cash flow in millions. The anticipated growth rate in free cash flows after

Lockean Co. has the following projected sales, costs, net investment, and free cash flow in millions. The anticipated growth rate in free cash flows after year 6 is 3% per year forever. There are 10 million shares outstanding and investors require a return of 7% on the company's stock. Using the constant growth model to find the terminal value, then calculate the price of the company's stock. (Round to 2 decimals)

($ in millions) 1 2 3 4 5 6
Sales 220 242 266 292 321 353
Costs 143 157 172 190 209 229
Taxes 28 31 34 38 41 45
OCF 49 54 60 64 71 79
Net Investment 20 22 24 26 29 29
FCF 29 32 36 38 42 50

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