You have forecast the free cash flows to the firm for Permelac Inc., a young and growing company, for the next ten years. You estimate that the cash flows will be negative for the first six years and that you will have to issue 25 million new shares (your estimate) to cover these cash flow needs. You have computed the present value of all of the cash flows, including the terminal value, to be $1.5 billion and you have 100 million shares outstanding today. What is the value per share today? a. $12/share b. $15/share c. $20/share d. $25/share