Please explain why you do each step.
Assume a corporation is expecting the following cash flows in the future: $-9 million in year 1, $12 million in year 2, $24 million in year 3. After year 3, the cash flows are expected to grow at a rate of 5% forever. The discount rate is 12%, the firm has debt totaling $47 million, and 12 million shares outstanding. What should be the price per share for this company?