Suppose Glead corporations projected free cash flow for next year is FCF₁ = $150 million and FCF is expected to grow at a constant rate of 9%. If the companys weighted average cost of capital is 11%, the value of debt is currently $550 million and the outstanding number of common stocks is 80 million, and there is no preferred stocks issued. Compute the value of this stock.

• Note that you should round off at two decimal points. For example, 12.5555 =12.56.