Carriage Boy Enterprises has $2 million in excess cash, no debt, and is expected to have free cash flow of $13 million next year. Its FCF is then expected to grow at a rate of 4% per year forever. If Carriage Boy's equity cost of capital is 15% and it has 5 million shares outstanding, what should be the price of Carriage Boy stock? (Round to two decimal places. No dollar sign, no comma.)

Answer: The price of Portage Bay's stock is $_______. (Round to the nearest cent. No dollar sign, no comma.)