The $500$ companies produced a per$-$share free cash flow of $$181$ in $2023.$ We made the following assumptions in our baseline case: the free cash flow will grow by $2\%$ in real terms per year every year in the future and investors require a $5\mathrm{.}5\%$ annualized real rate of returns to invest in the stock market. These assumptions imply a price per share of around $$5,280.$ Which of the following alternative scenarios will give the Lowest price?

Group of answer choices

The expected free cash flow would be $40\%$ lower in both $2024$ and $2025$ than the baseline case but will be the same as the baseline case in all future years starting in $2026$

Investors become less risk averse and are willing to accept a $5\%$ annualized rate of returns to invest in the stock market

The free cash flow will grow by $2\mathrm{.}3\%$ per year in all future years starting in $2024.$

The expected free cash flow would be $12\%$ lower in all future years than the baseline case