Also,

2. If the growth rate is 3% the price per share is ?

3. If you are right and the growth rate is 3%, the price per share would be __$ higher?

River Enterprises has $503 million in debt and 23 million shares of equity outstanding. Its excess cash reserves are $14 million. They are expected to generate $196 million in free cash flows next year with a growth rate of 2% per year in perpetuity. River Enterprises' cost of equity capital is 13%. After analyzing the company, you believe that the growth rate should be 3% instead of 2%. How much higher (in dollars) would the price per share be if you are right? If the growth rate is 2%, the price per share is (Round to the nearest cent.)