A firm is expected to have an EBIT of $2.2 million next year. Depreciation, the increase in net working capital, and capital spending are expected to be $358,000, $92,000, and $114,000, respectively. All are expected to grow at 15 percent per year for four years. The firm currently has $12 million in debt and 750,000 shares outstanding. After year five, the free cash flow to the firm is expected to grow at 2.5 percent indefinitely. The firm's cost of capital is 8.7 percent and the tax rate is 34 percent. What is the firm's price per share?

$26.11

$38.57

$29.34

$35.80

$45.40