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River Enterprises has $ 5 0 1 million in debt and 2 0 million shares of equity outstanding. Its excess cash reserves are $ 1

River Enterprises has $501 million in debt and 20 million shares of equity outstanding. Its excess cash reserves are $15 million. They are expected to generate $209 million in free cash flows next year with a growth rate of 2% per year in perpetuity. River Enterprises' cost of equity capital is 13%. After analyzing the company, you believe that the growth rate should be 3% instead of 2%. If the growth rate is 2%, the price per share is XXX (Round to the nearest cent.)
70.70
71.70
69.70
None of the answers mentioned
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