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

($ millions)2017

2018

2019

2020

2021

Net income1.02.13.43.94.2Investment1.01.11.31.51.5Free cash flow01.02.12.42.7

Phoenix's 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 8%.(Do not round intermediate calculations.Enter your answer in millions rounded to 2 decimal places.)

Present value$million

b.Assume that Phoenix has 11 million shares outstanding. What is the price per share?(Do not round intermediate calculations. Round your answer to 2 decimal places.)

Price per share$

c.If the net income for 2016 is $1 million, what is Phoenix's P/E ratio?(Do not round intermediate calculations. Round your answer to 2 decimal places.)

P/E ratio