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Bills Bakery expects earnings per share of $3.54 next year. Current book value is $5.60 per share. The appropriate discount rate for Bills Bakery is

Bills Bakery expects earnings per share of $3.54 next year. Current book value is $5.60 per share. The appropriate discount rate for Bills Bakery is 12 percent. Calculate the share price for Bills Bakery if earnings grow at 3.70 percent forever. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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