FCF Forecast ($ million)Year​​0​1​2​3​4​Sales​240​270​290​31…

FCF Forecast ($ million)Year​​0​1​2​3​4​Sales​240​270​290​310​325.5​Growth versus Prior Year​​12.5%​7.4%​6.9%​5.0%​EBIT (10% of Sales)​​27.00​29.00​31.00​32.55​Less: Income Tax (20%)​​(5.40)​5.80​6.20​6.51​Less Increase in NWC (12% of Change in Sales)​​3.60​2.40​2.40​1.86​Free Cash Flow​​18.00​20.80​22.40​24.18Banco Industries expect sales to grow at a rapid rate over the next three years, but settle to an industry growth rate of 6% in year 4. 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 the start of year 1?