11. Azumah Corporation plans to borrow $51.9 million to finance a new investment. The firm will pay interest only on this loan each year, and it will maintain an outstanding balance of $51.9 million on the loan. Suppose that Azumah's corporate tax rate is 30% and expected free cash flows are $10.7 million each year. Azumah currently has 5 million shares outstanding, and it has no other assets or opportunities. Suppose the appropriate discount rate for Azumah's future free cash flows is 7.8%. What is Azumah's share price today if the investment is financed with debt?

Azumah's share price today is $___ per share. (Round to the nearest cent.)

12. Azumah Corporation plans to finance a new investment with leverage. Azumah Corporation plans to borrow $50.2 million to finance the new investment. The firm will pay interest only on this loan each year, and it will maintain an outstanding balance of $50.2 million on the loan. After making the investment, Azumah expects to earn free cash flows of $10.3 million each year. However, due to reduced sales and other financial distress costs, Azumah's expected free cash flows will decline to $9.3 million per year. Azumah currently has 5.4 million shares outstanding, and it has no other assets or opportunities. Assume that the appropriate discount rate for Azumah's future free cash flows is 8.5% and Azumah's corporate tax rate is 30%.

What is Azumah's share price today given the financial distress costs of leverage?

The price per share is $_______ per share. (Round to the nearest cent.)