Narrative 1: The XYZ Corporation has $50 million in excess cash and no debt. The company expects to generate additional FCFs of $87 million per year in subsequent years. The XYZ Corporation has 25 million outstanding shares and has an unlevered cost of capital of 15 percent. Refer to Narrative 1. If the firm uses all the excess cash to pay a dividend today, and uses all of the expected future FCFs to pay dividends, what is the ex-dividend price per share of the XYZ Corporation? $34.36 per share $23.20 per share $28.52 per share $75.25 per share $65.00 per share