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Derry Corporation is expected to have an EBIT of $2,900,000 next year. Depreciation, the increase in net working capital, and capital spending are expected to

Derry Corporation is expected to have an EBIT of $2,900,000 next year. Depreciation, the increase in net working capital, and capital spending are expected to be $225,000, $130,000, and $230,000, respectively. All are expected to grow at 17 percent per year for four years. The company currently has $17,500,000 in debt and 840,000 shares outstanding. After Year 5, the adjusted cash flow from assets is expected to grow at 2.9 percent, indefinitely. The companys WACC is 9.3 percent and the tax rate is 24 percent. What is the price per share of the company's stock?

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