You are valuing a company that is projected to generate a free cash flow of $10 million next year, growing at a stable 2% rate in perpetuity thereafter. The company has $22 million of debt and $8.5 million of cash. Cost of capital is 11%. There are 5 million shares outstanding. How much is each share worth according to your valuation analysis?

		a. $14.7
		b. $15.5
		c. $16.3
		d. $19.5
		e. $25.9