Ashe Inc., the maker of Big Omnic Butlers, is expected to generate EBIT of $7 million annually in perpetuity (starting at the end of this year). Ashe Inc. is all-equity financed, with 2 million shares outstanding and shareholders require a return of 11%. The corporate tax rate is 35%. Ashe Inc. is proposing to issue $5 million of perpetual bonds with an annual coupon of 6%. The company uses the $5M of debt to repurchase stock. Assume that, after borrowing the $5M, the debt level at Ashe Inc. remains constant at $5M. At what price should Ashe Inc. offer to repurchase shares, P_R, such that the repurchase price is a 7% premium over the post-repurchase price, P_A?

Enter your answer to two decimal places without $ symbol (i.e., if your answer is 15.2356, write 15.24).