national clothing retailer has just come up for sale and your private equity company is interested in buying it. Free Cash Flow to the Firm is projected to be $8.7 million at the end of the next year and this is expected to grow by 2% in the following year, and forever thereafter. The firm owes the bank $20 million and has just lost a lawsuit making it liable to pay the complainant $5 million. What are you prepared to pay per share if there are 2 million shares outstanding?