cerrell inc. recently reported net income of $7 million. It has 540,000 shares of common stock, which currently trades at $25 a share. Ferreil continues to axpand and anticipates that 1 year from now, its net income will be $12.25 million. Over the next year, it also anticipates issuing an additional 106,000 hhares of stock so that 1 year from now it wil have 648,000 shares of common stock. Assuming Ferrell's price/earnings ratio remains at its current level, what will be its stock price 1 year from now? Do not round intermediate calculations. Round your answer to the nearest cent