(c) Futura Design is currently an all-equity firm and has 200,000 shares. Its earnings before interest and tax (EBIT) is expected to be $350,000. It is embarking on a major capital structure exercise whereby it will issue $600,000 in debt and use the proceeds to buy back its own shares at the prevailing market price. The interest rate on the newly-issued debt is 5% per annum. After the recapitalization, its earnings per share (EPS) will be $1.28. Calculate Futura's share price before this recapitalization exercise. Assume the corporate tax rate of Futura is 40%