You have estimated that a company will have an annual free cash flow of $23 mil in year 1, $25 mil in year 2, $35 mil in year 3, and $70 mil in year 4. After year 4, you also estimate that the free cash flow will grow at 5% every year. This company has 300 mil shares outstanding. How much would you be willing to pay for this company's stock today on a per share basis, given a 12% rate of return?

$2.78

$2.59

$2.28

$3.50