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Bill's Bakery expects eamings per'share of $2.45 next year. Current book value is $3.80 per share. The appropriate discount rate for Bill's Bakery is 8.8

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Bill's Bakery expects eamings per'share of $2.45 next year. Current book value is $3.80 per share. The appropriate discount rate for Bill's Bakery is 8.8 percent. Calculate the share price for Bill's Bakery if earnings grow at 2.5 percent forever. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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