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 1.0 2.0 3.2 3.7 4.0 Investment 1.0 1.0 1.2 1.4 1.4 Free cash flow 0 1.0 2.0 2.3 2.6 Phoenixs recovery will be complete by 2024, and there will be no further growth in net income or free cash flow (it will remain constant at $2.6 million after 2024).

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?