1. Suppose you estimate a firms free cash flow (FCF) for the next 3 years (in millions):

   	20X3	20X4	20X5
   FCF	$110	$145	$163

   After 20X5, FCFs are expected to level off at 4 percent per year into the foreseeable future. There are 15 million shares outstanding and 11 percent is the discount rate for a company of this risk. Under the assumption of discounting all the FCFs, what is the per share value of this company's stock as of 20X2?

   	a.	$22.40
   	b.	$118.05
   	c.	$44.80
   	d.	$59.03
   	e.	$140.45