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 $10\%.$

b$.$ Assume that Phoenix has $14$ 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 $2026.$

Complete this question by entering your answers in the tabs below.

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

Note: Hint: First, calculate the PV of all future cash flows starting in each year. Round your answer to $2$ decimal places. Enter

your answer in millions.