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You estimate the following free-cash-flow data for a company (in millions). The firm's long term FCF growth rate will be 3% per year after year

You estimate the following free-cash-flow data for a company (in millions). The firm's long term FCF growth rate will be 3% per year after year three and the firm's cost of capital is 9%. The company has no debt and 8 million shares outstanding. Using the corporate valuation model, what is the intrinsic price of one share of LipCo?

Free Cash Flows: Year 1: $5

Year 2: $10

Year 3: $12

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