After-tax operating income [EBIT(1-T), also called NOPAT] for 2006 is expected to be $500million

The depreciation expense for 2006 is expected to be $100million

The capital expenditures for 2006 are expected to be $200 million

No change is expected in net operating working capital

The free cash flow is expected to grow at a constant rate of 6 percent per year

The required return on equity is 14 percent

The WACC is 10 percent

The market value of the company’s debt is $3billion

200 million shares of stock are outstanding

Using the free cash flow approach , what should the company’s stock price be today ?

Thank you !