Use information for Firm Y below for the problem.

Figures in millions

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2020 2021E 2022E

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Firm Ys free cash flow (FCF) $100 $108 Total value of debt $200 Number of shares outstanding = 20

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The capital structure of Firm Y consists of debt and equity. Firm Y has no preferred stock. The firms required rate of return (or firms weighted average cost of capital) is 15 percent. Assume that free cash flows grow at a constant rate of 6 percent a year forever after 2022. What is the value of Firm Ys stock per share in 2020 using the constant growth model? A) $62.03 B) $56.52 C) $53.74 D) $46.52