Energy Resources generated an EPS of

$3.22

over the last 12 months. The company's earnings are expected to grow by

33.4%

next year, and because there will be no significant change in the number of shares outstanding, EPS should grow at about the same rate. You feel the stock should trade at a P/E of around

36

times earnings. Use the P/E approach to set a value on this stock.

Using the P/E approach, the value on this stock is

$enter your response here.

(Round to the nearest cent.)