You must estimate the intrinsic value of Noe Technologies' stock. The end-of-year free cash flow ( FCF1) is expected to be $16.50 million, and it is expected to grow at a constant rate of 7.0% a year thereafter. The company's WACC is 12.0%, it has $125.0 million of long-term debt plus preferred stock outstanding, and there are 11.0 million shares of common stock outstanding. Assume the firm has zero non-operating assets. What is the firm's estimated intrinsic value per share of common stock? Do not round intermediate calculations. a. $22.24 b. $18.64 c. $30.00 d. $20.74 e. $41.36