Phoenix Corp. faltered in the recent recession but is recovering. Free cash flow has grown rapidly. Forecasts made in 2019 are as follows: ($ millions) Net income Investment Free cash flow 2020 2021 2022 2.1 3.1 5.4 2.1 2.3 0 1.0 3.1 2023 5.90 2.1 2.5 2024 6.2 2.5 3.7 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 8%. (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.) Present value million 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.) Price per share 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.) Present Value Years 2020 2021 2022 2023 2024 Rate of Return % % % % % Phoenix Corp. faltered in the recent recession but is recovering. Free cash flow has grown rapidly. Forecasts made in 2019 are as follows: ($ millions) Net income Investment Free cash flow 2020 2021 2022 2.1 3.1 5.4 2.1 2.3 0 1.0 3.1 2023 5.90 2.1 2.5 2024 6.2 2.5 3.7 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 8%. (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.) Present value million 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.) Price per share 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.) Present Value Years 2020 2021 2022 2023 2024 Rate of Return % % % % %