Use the financial statements shown below to answer the next three questions.

Dollars are in millions. Free cash flow is expected to be $102.12 million in 2020 and will grow at 4 percent after 2020. The bonds are currently selling at par and the preferred stock has a current market value of $40 million. The weighted average cost of capital is 7 percent.

1. Calculate the free cash flow for 2019.

2. Calculate the value of operations as of 2018.

3. Calculate the price per share for 2018.

Balance Sheet Actual Projected 2018 Actual Projected 2019 2018 2019 10 Accounts pavable Cash Marketable securities Accounts Receivable Inventor Total Current Assets 15 65 315 415 810 30 60 130 220 580 40 130 710 840 60 110 140 310 754 40 130 766 896 0 Notes payable 375 Accruals 615 Total current liabilities 1,000 Long term bonds Preferred Stock Common stock (par PI Retained earnings Net fixed assets 870 1,000 Total common equit Total assets 1,680 2,000 Total liabilities & equit 1,680 2,000 Income Statement Actual 2018 Projected 2019 Sales Operating expenses Depreciation Earnings before interest & taxes Interest Earnings before taxes Taxes (40% rate Net income before preferred dividends Preferred dividends Net Income available for common Common dividends Addition to retained earnin Number of shares 2,850.0 2,497.0 90.0 263.0 60.0 203.0 81.2 121.8 4.0 3,000.0 2,616.2 100.0 283.8 88.0 195.8 78.3 53.0 64.8 50,000,000 4.0 113.5 57.5 56.0 50,000,000