Phoenix Corp. faltered in the recent recession but is recovering. Free cash flow has grown rapidly. Forecasts made in $2019$ are as follows:

$($$ millions$)$

$2020$

$2021$

$2022$

$2023$

$2024$

Net income $1\mathrm{.}02\mathrm{.}03\mathrm{.}23\mathrm{.}74\mathrm{.}0$

Investment $1\mathrm{.}01\mathrm{.}01\mathrm{.}21\mathrm{.}41\mathrm{.}4$

Free cash flow $01\mathrm{.}02\mathrm{.}02\mathrm{.}32\mathrm{.}6$

Phoenix$$s recovery will be complete by $2024,$ and there will be no further growth in net income or free cash flow.

a$.$ Calculate the PV of free cash flow, assuming a cost of equity of $9\%.($Do not round intermediate calculations. Enter your answer in millions rounded to $2$ decimal places.$)$

b$.$ Assume that Phoenix has $12$ million shares outstanding. What is the price per share? $($Do not round intermediate calculations. Round your answer to $2$ decimal places.$)$

c$.$ Confirm that the expected rate of return on Phoenix stock is exactly $9\%$ in each of the years from $2020$ to $2024.($Hint: First, calculate the PV of all future cash flows starting in each year. Round your answer to $2$ decimal places.$)$