Phoenix Corp. faltered in the recent recession but is recovering. Free cash flow has grown rapidly. Forecasts made in 2016 are as follows:

($ millions)	2017	2018	2019	2020	2021
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

Phoenix's recovery will be completed 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 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. If the net income for 2016 is $1 million, what is Phoenixs P/E ratio? (Do not round intermediate calculations. Round your answer to 2 decimal places.)