ABC Inc. is an all equity-firm with 2,230,000 common shares outstanding. ABC has cash on hand of $4,400,000. The company will also generate free cash flows of $6,300,000 per year in perpetuity. The company unlevered cost of equity is 11.5%. The company has an opportunity to expand its business by investing the $4,400,000 in cash. If it expands its business free cash flows will increase by $2,010,000 per year in perpetuity. The required rate of return for the expansion is 11.5%. What will be the price per share if the company does the expansion? Your answer should be accurate to two decimal places. Answer: X (32.40)