Erwin Footwear wishes to assess the value of its Active Shoe Division. This division has debt with a market value of $12,500,000 and no preferred stock. Its weighted average cost of capital is 10%. The active Shoe Divisions estimated free cash flow (FCF) each year from 2018 through 2021 is given in the following table. Beyond 2021 to infinity, the firm expects its FCF to grow at 4% annually.

Year (t)	Free cash flow (FCFt)
2018	$800,000
2019	1,200,000
2020	1,400,000
2021	1,500,000

If the Active Shoe Division as a public company will have 400,000 shares outstanding, calculate its value per share.