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 3.8 6.8 7.3 7.6 Investment 1.0 2.8 3.0 3.2 3.2 Free cash flow 0 1.0 3.8 4.1 4.4 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.) Present value $ 29.92 million b. Assume that Phoenix has 15 million shares outstanding. What is the price per share? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Price per share $ 0.89 c. What is Phoenixs P/E ratio? (Do not round intermediate calculations. Round your answer to 2 decimal places.) P/E ratio 3.02