You are trying to value the stock of Cowbell Inc. using a free cash flow model. The firm currently has 25 million shares outstanding, a market value of debt of $25 million and no excess cash. You have estimated the free cash flows for the next few years as shown in the table below. You also assume that free cash flows will grow at a rate of 3% each year after year 6. The weighted average cost of capital (WACC) is 12%. Given this information, what is the best estimate for the share price of Cowbell? Select one.

Year	1	2	3	4	5	6
Free Cash Flow (in $ million)	30.00	35.00	40.00	44.00	46.00	48.00

	I.	$16.59
	II.	$17.60
	III.	$18.15
	IV.	$16.15