• Please Provide step by step explanation on how the answer was found.

If you have been assigned the task of using the corporate valuation model to estimate Golf Co.'s intrinsic value. Golf's WACC is 8%, its expected end-of-year free cash flow (FCF1) is $50 million, the FCFs are expected to grow at a constant rate of 3% a year in the future, the company has $250 million of long-term debt plus preferred stock, and it has 25 million shares of common stock outstanding. What is the company's estimated intrinsic value per share of common stock?

A) $20.95

B) $24.50

C) $30.00

D) $36.25

E) $40.00

• Please show formula.