Phoenix Corp. faltered in the recent recession but is recovering. Free cash flow has grown rapidly. Forecasts made in 2019 are as follows: (5 millions) 2020 2021 2022 2023 2024 Net income 4.0 Investment 2.0 3.2 3.7 1.0 1.2 1.4 1.0 2.0 2.3 1.4 2.6 Free cash flow 1.0 1.0 Phoenix's recovery will be complete by 2024, and there will be no further growth in net income or free cash flow (it will remain constant at $2.6 million after 2024). Present value 0 a. Calculate the PV of free cash flow, assuming a cost of equity of 9%. (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.) Price per share million b. Assume that Phoenix has 12 million shares outstanding. What is the price per share? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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