9/17

Portage Bay Enterprises has $4 million in excess cash, no debt, and is expected to have free cash flow of $13 million next year. Its FCF is then expected to grow at a rate of 4% per year forever. If Portage Bay's equity cost of capital is 9% and it has 55 million shares outstanding, what should be the price of Portage Bay stock?

price of Portage? Bay's stock is ?$________per share.???(Round to the nearest? cent.)