Quantitative Problem 2: Hadley Inc. forecasts the year-end free cash flows (in millions) shown below. Year FCF 1 -$22.01 2 $37.7 3 4 $43.6 $52.2 5 $56.9 The weighted average cost of capital is 10%, and the FCFs are expected to continue growing at a 4% rate after Year 5. The firm has $25 million of market-value debt, but it has no preferred stock or any other outstanding claims. There are 21 million shares outstanding. Also, the firm has zero non-operating assets. What is the value of the stock price today (Year 0)? Round your answer to the nearest cent. Do not round intermediate calculations. 5 per share According to the valuation models developed in this chapter, the value that an investor assigns to a share of stock is dependent on the length of time the investor plans to hold the stock. The statement above is false Conclusions like mature dividend-paving firms; and they