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Ferrell Inc. recently reported net income of $ 9 million. It has 5 7 0 , 0 0 0 shares of common stock, which currently
Ferrell Inc. recently reported net income of $ million. It has shares of common stock, which currently trades at $ a share. Ferrell continues to expand and anticipates that year from now, its net income will be $ million. Over the next year, it also anticipates issuing an additional shares of stock so that year from now it will have shares of common stock. Assuming Ferrell's priceearnings ratio remains at its current level, what will be its stock price year from now? Do not round intermediate calculations. Round your answer to the nearest cent.
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