McClelland 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 McClellands stock and has estimated its free cash flows for the next 3 years as follows: $4 million, $7 million, and $12 million. After the 3rd year, FCF is projected to grow at a constant 9 percent. McClellands WACC is 15 percent, its debt and preferred stock total $40 million, and it has 2 million shares of common stock outstanding. What is the value of McClellands stock price? I know the answer is $60.00 but I don't get how to solve it. May I know step-by-step?