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

$ 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

$

c.	What is Phoenixs P/E ratio? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

P/E ratio