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Quantitative Problem 1: Assume today is December 31, 2019. Barrington Industries expects that its 2020 after-tax operating income [EBIT(1 - T)] will be $450 million

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Quantitative Problem 1: Assume today is December 31, 2019. Barrington Industries expects that its 2020 after-tax operating income [EBIT(1 - T)] will be $450 million and its 2020 depredation expense witl be $60 million. Barrington's 2020 gross capital expenditures are expected to be $120 mallion and the change in its net operating warking capital for 2020 will be $25 million. The firm's free cash flow is expected to grow at a constant rate of 4.5% annually. Assume that its free cash flow occurs at the end of each year. The firm's weighted average cost of capital is 9%; the market value of the company's debt is $2.3 billion; and the company has 170 millien shares of common stock outstanding. The firm has no preferred stock on its balance sheet and has no plans to use it for future capital budgeting projects. Also, the firm has zero non-operating assets. Using the corporate valuation model, what should be the company's stock price today (December 31,2019 )? bo not round intermediate calculations, Round your answer to the nearest cent. $ per share

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