You are trying to value the stock of Cowbell Inc. You know that the firm only uses dividends to return cash to its investors and you have forecasted the dividends for the 4 years (senstable below). You believe that dividends will grow at a constant rate of 1% each year after year 4. The cost of equity is 13%. Given this information estimate the share price for Cowbell Inc. Round your answer to two decimals (do not enter the 5-symbol in your answer). Dividend Forecasts 1 2 Year 3 1.5 4 1.5 1.2 1.9 Dividend per Share (in %) 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. 4 6 Year Free Cash Flow (in S million) 1 30.00 2 35.00 3 40.00 5 46.00 44.00 48.00 ol. 516.15 II. 516.59 III. $18.15 IV. $17.60