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Derry Corporation is expected to have an EBIT of $ 2 , 8 5 0 , 0 0 0 next year. Depreciation, the increase in

Derry Corporation is expected to have an EBIT of $2,850,000 next year. Depreciation, the increase in net working capital, and capital spending are expected to be $220,000,$125,000, and $225,000, respectively. All are expected to grow at 16 percent per year for four years. The company currently has $17,000,000 in debt and 835,000 shares outstanding. After Year 5, the adjusted cash flow from assets is expected to grow at 2.8 percent, indefinitely. The company's WACC is 9.2 percent and the tax rate is 23 percent. What is the price per share of the company's stock?
Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.
Answer is complete but not entirely correct.
\table[[Share price,$,53.36
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