Ferrell Inc. recently reported net income of $10 million. It has 220,000 shares of common stock, which currently trades at 31 a share. Fermell continues to expand and anticipates that 1 year from now, its net income will be $12.5 million. Over the next year, it also anticipates issuing an additional 88,000 shares of stock so that year from now it will have 308,000 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. $