Phoenix Corporation faltered during the Covid pandemic but is recovering. Free cash flow has grown rapidly. Forecasts made in $2021$

are as follows:

Phoenix's recovery will be complete by $2026,$ 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 $8\%.$

b$.$ Assume that Phoenix has $13$ million shares outstanding. What is the price per share?

c$.$ Calculate the expected rate of return on Phoenix stock in each of the years from $2022$ to $2026.$