Union Pacific reported net income of $800 million in 1993 after interest expenses of $300 million. The corporate tax rate was 36%. It reported depreciation of $900 million in that year, and capital spending was $1.2 billion. The firm had $4 billion in debt outstanding, trading at par with a yield to maturity of 6%. The beta of the stock was 0.85, and there were 200 million shares outstanding (trading at $60 per share), with a book value of $5 billion. Their working capital requirements were negligible. Assume a T-bond rate of 3.25% and an equity risk premium of 5.5%. Estimate a price per share using a FCFF model. If you calculate return on capital, use book values of capital.