Question 531 pts

4Ever Manufacturing, Inc. has the below information derived from its financial statements. Assume that dividends grow at a constant rate. Using the dividend discount model, what is the intrinsic value of the companys common equity shares per share (i.e. your price target)? (TTM means Trailing Twelve Months)

Net Income (TTM, mil.$)	3,000.0
FCFF (TTM, mil.$)	4,500.0
Interest Expense (TTM, mil.$)	800.0
Book Value Debt Outstanding (mil.$)	40,000.0
Preferred Equity Shares (mil.$)	3,500.0
Cash and Equivalents (mil.$)	5,000.0
Minority Interest (mil. $)	950.0
Additional Paid-In Capital (APIC, mil.$)	11,500.0
Weighted Avg. Diluted Shares (mil.)	1,000.0
Dividend ($ per share, TTM)	1.00
Expected growth rate of dividends	9.00%
WACC	6.50%
Cost of Equity Capital	13.50%
Effective Tax Rate	22.00%
Market beta	1.10
Risk-free rate	1.75%

Group of answer choices

a. 24.22

b. 48.71

c. 72.39

d. 96.47