Our acquisition target is a privately held company in a growing industry. The target has recently borrowed $40 million to finance its expansion; it has no other debt or preferred stock. It pays no dividends and currently has no marketable securities. We expect the company to produce free cash flows of -$8 million in one year, $5 million in two years, and $6 million in three years. After three years, free cash flow will grow at a rate of 5%. Its WACC is 10% and it currently has 2 million shares of stock. Find price per share.

Group of answer choices

48.01

31.24

20.08

28.02