Consider the following information which relates to a given company:

Item	2019 Value
Earnings Per Share	$6.88
Price Per Share (Common Stock)	$37.25
Book Value (Common Stock Equity)	$63.31	Million
Total Common Stock Outstanding	2.5	Million
Dividend Per Share	$5.75

Analysts expect that the company could maintain a constant annual growth rate in dividends per share of 6.34% in the future, or possibly 8.39% for the next 2 years and 6.89% thereafter. In addition, it is expected that the risk of the firm, as measured by the risk premium on its stock, to increase immediately from 8.26% to 12.91%. Currently, the risk-free rate is 5.1%.

Required: Assuming a constant annual 6.34% growth rate in future dividends, find the value per share of the firm's stock. The required return is 16.54%.

$Answer(ROUND YOUR ANSWER TO 2 DECIMAL PLACES. FOR EXAMPLE: 17.23)