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Ferrell Inc. recently reported net income of $4 million. It has 220,000 shares of common stock, which currently trades at $33 a share. Ferrell continues
Ferrell Inc. recently reported net income of $4 million. It has 220,000 shares of common stock, which currently trades at $33 a share. Ferrell continues to expand and anticipates that 1 year from now, its net income will be $6.8 million. Over the next year, it also anticipates issuing an additional 33,000 shares of stock so that 1 year from now it will have 253,000 shares of common stock. Assuming Ferrell's price/earnings ratio eemains at its current level, what will be its stock price 1 year from now? Do not round intermediate calculations. Round your answer to the hearest cent
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