eBook Problem Walk-Through Ferrell Inc. recently reported net income of $10 million. It has 400,000 shares of common stock, which currently trades at $61 a share. Ferrell continues to : expand and anticipates that 1 year from now, its net income will be $15 million. Over the next year, it also anticipates issuing an additional 60,000 shares of stock so that 1 year from now it will have 460,000 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. $ Check My Work (3 remaining) 0-Icon Key