Use the table for the question$($s$)$ below.

FCF Forecast $($$ million$)$

Banco Industries expects sales to grow at a rapid rate over the next three years, but then at a

slower pace such that Banco's free cash flows only grow at the industry growth rate of $6\%$ after year

The spreadsheet above shows a simplified pro forma for Banco Industries. If Banco Industries has

a weighted average cost of capital of $9\%,$$$40$ million in cash, $$80$ million in debt, and $18$ million

shares outstanding, which of the following is the best estimate of Banco's stock price at $t=0?$

$$63\mathrm{.}37$

$$35\mathrm{.}21$

$$17\mathrm{.}60$

$$31\mathrm{.}68$