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	2.1	3.1	5.4	5.90	6.2
Investment	2.1	2.1	2.3	2.5	2.5
Free cash flow	0	1.0	3.1	3.4	3.7

Phoenixs 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 8%. (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 8% 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.)