Fesla is looking at an IPO. The current shareholders need to know the value of each share of common equity so they price their shares correctly. The WACC for this firm is 7.82% and there are 93,323 common shares outstanding. The firm has $2,582,296 in preferred equity and its outstanding debt has a market value of $1,445,356. For this example assume the current assets are zero. Use the DCF valuation model based on the expected FCFs shown below; year 1 represents one year from today and so on. The company expects to grow at a 3.8% rate after Year 5. Rounding to the nearest penny, what is the value of each share of common stock?

Period	Free Cash Flow
Year 1	$766,106
Year 2	$1,497,889
Year 3	$2,167,758
Year 4	$2,089,681
Year 5	$3,505,462