Ferrell Inc. recently reported net income of $9 millon. It has 770,000 shares of common stock, which currently trades at 529 a share. Ferrell continues to expand and anticipates that year from now, its net income will be $14.4 milion. Over the next year, ito anticipates issuing an additional 192,500 shares of stock so that 1 year from now it will have 962,500 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. $