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Bills Bakery has current earnings per share of $2.56. Current book value is $4.70 per share. The appropriate discount rate for Bills Bakery is 11

Bills Bakery has current earnings per share of $2.56. Current book value is $4.70 per share. The appropriate discount rate for Bills Bakery is 11 percent. Calculate the share price for Bills Bakery if earnings grow at 3 percent forever. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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