Panda Industries Inc. has a WACC of 9.07% and 65,384 common shares outstanding. The firm has outstanding debt with a market value of $3,447,489 and does not have any preferred equity. Use the DCF valuation model based on the expected FCFs shown below; year 1 represents one year from today and so on. The company expects to grow at a 3.2% rate after Year 5. Rounding to the nearest penny, what is the value of each share of common stock? Period Free Cash Flow

Year 1 $1,095,963

Year 2 $1,114,572

Year 3 $1,578,156

Year 4 $2,793,486

Year 5 $2,515,901