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Bills Bakery expects earnings per share of $2.82 next year. Current book value is $4.70 per share. The appropriate discount rate for Bills Bakery is

Bills Bakery expects earnings per share of $2.82 next year. Current book value is $4.70 per share. The appropriate discount rate for Bills Bakery is 8 percent. Calculate the share price for Bills Bakery if earnings grow at 3.10 percent forever. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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