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The latest Net Income is 1 8 0 , 0 0 0 . Non - cash charges are 3 0 , 0 0 0 .

The latest Net Income is 180,000. Non-cash charges are 30,000. The tax rate is 20%. The investment in
working capital is 20,000 every year and the investment in fixed assets is 35,000 per amnum The company
has zero debt. Every year the FCFE will grow at 5%. The cost of capital for the firm is 8%. The company has 5,000 shares outstanding. What is the price per share ?

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