On 01/29/2015, EMC Corp reported its financial results for the fiscal year ended 12/31/2014. Its
free cash flow was $4,966 million. The firm said that it expects its cash flow to grow at 3.2% for
the foreseeable future. EMC Corp has $5,495 million in debt, $8,321 million in excess cash, and
2,035 million shares outstanding. If the firm’s WACC is 9.0%, what is your best estimate of the
firm’s stock price?