Year	0	1
Revenue		600.00
Fixed costs		100.00
Variable costs		200.00
Additional investment in NWC		10.00
Additional investment in operating long-term assets		70.00
Depreciation		60.00
Interest expenses		35.00
Newly issued debt		25.00
Principle repayments		15.00
Tax rate	0.40
Market value of the firm:
	Price per share	No. of shares	Market value
Short-term debt			100.00
Long-term debt			600.00
Preferred stock	10.00	10	100.00
Common stock, equity	18.00	100	1,800.00
Total			2,600.00
Cost of equity (Rs)	0.1500

Growth rate per year from year 1 through year 5	0.10
Growth rate after year 5	0.07

What is the price per share according to the equity free cash flow model?

Select one:

a. $18.29

b. $10.98

c. $15.51

d. $20.87

e. $12.33