Consider a business planning to acquire a firm that has the following characteristics: It has 1,000 common shares and no senior securities outstanding. All its assets are useful to the acquiring firm and will be retained. Physical assets match the firms readily identifiable lifespan of 10 years with no need for prior replacement and no residual value. No prospects for synergy exists. After-tax net cash inflows anticipated from the acquisition are $10,000 per year for the first five years, increasing to $12,000 per year for the remaining five years. Given the risk inherent in these cash flow estimates, the appropriate discount rate is 18 percent. What is the maximum price per share that should be paid for this acquisition? (Hint: use 4 decimal places for your calculations.)