1. Year 1 2 3 4

   Free Cash Flow $24 million $36 million $44 million $48 million

   Conundrum Mining is expected to generate the above free cash flows over the next four years, after which they are expected to grow at a rate of 4% per year. If the weighted average cost of capital is 15% and Conundrum has cash of $80 million, debt of $60 million, and 30 million shares outstanding, what is Conundrum's expected current share price?

   		$18.06
   		$17.62
   		$12.80
   		$13.71