Suppose it is late December 2020, and an analyst expects Freeport McMoran, Inc. to have annual sales of $12,850 million this year. The analyst also expects the company's sales to growth 2.5% next year (year 1) and 3.0% the year after that (year 2). The analyst expects the company to have a net profit margin of 19% each year, a dividend payout ratio of 15%, 1,450 million shares of common stock outstanding over the time horizon, and sell for a p/e ratio of 12 at the end of year 2. Based on these estimates, what is the stock's intrinsic value if the required rate of return is 15%?

	a.	$21.33 per share
	b.	$18.05 per share
	c.	$17.42 per share
	d.	$16.56 per share
	e.	$19.67 per share