Bob read a newspaper story that indicated a dramatic increase in money market accounts and certificates of deposit during the last three months. the story reported that all other major components of the u. s. money supply remained unchanged. based on this information, bob can conclude that for the past quarter:
a. both the m-1 and m-2 money supplies were stable.
b. the m-1 money supply has increased, but the m-2 money supply was stable.
c. the m-2 money supply has increased, but the m-1 money supply was stable.
d. both the m-1 and the m-2 money supplies have increased.

Assume today is december 31, 2013. barrington industries expects that its 2014 after-tax operating income [ebit(1 – t)] will be $400 million and its 2014 depreciation expense will be $70 million. barrington's 2014 gross capital expenditures are expected to be $120 million and the change in its net operating working capital for 2014 will be $25 million. the firm's free cash flow is expected to grow at a constant rate of 4.5% annually. assume that its free cash flow occurs at the end of each year. the firm's weighted average cost of capital is 8.6%; the market value of the company's debt is $2.15 billion; and the company has 180 million shares of common stock outstanding. the firm has no preferred stock on its balance sheet and has no plans to use it for future capital budgeting projects. using the corporate valuation model, what should be the company's stock price today (december 31, 2013)? round your answer to the nearest cent. do not round intermediate calculations.