Given the forecast below, estimate the fair market value per share of Kenmore Air's equity at the end of 2016 if the company has 25,000 shares outstanding and the market value of its interest-bearing liabilities on the valuation date equals $200,000. Assume that after 2020, earnings before interest and tax will remain constant at $110,000, depreciation will equal capital expenditures in each year, and working capital will not change. Kenmore Air's weighted-average cost of capital is 11 percent and its tax rate is 40 percent.

Year	2017	2018	2019	2020
Free Cash Flow	-20000	42000	48000	5600