Phoenix Corp. faltered in the recent recession but is recovering. Free cash flow has grown rapidly. Forecasts made at the beginning of 2016 are as follows:

($ millions)

2017

2018

2019

2020

2021

Net income

1.0

2.8

4.8

5.3

5.6

Investment

1.0

1.8

2.0

2.2

2.2

Free cash flow

0

1.0

2.8

3.1

3.4

Phoenixs recovery will be complete by 2021, and there will be no further growth in free cash flow.

a.) Calculate the PV of free cash flow, assuming a cost of equity of 10%. (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.)

b. ) Assume that Phoenix has 14 million shares outstanding. What is the price per share? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

c.) What is Phoenixs P/E ratio? (Do not round intermediate calculations. Round your answer to 2 decimal places.)