(DGM valuation) ABC Company had free cash flow equal to $1.5 million last year. FCF is estimated to grow at 15% per year for the next three years and then continue at 5% into perpetuity. The par value of debt outstanding is $5 million at a price of 104 per $100 of par value. If the firm has 5 million shares outstanding and the required cost of capital for the firm is 8%, what is the value per share of the firm’s equity? Assume the firm holds no cash.