Fezziwig International (FI), the worlds largest manufacturer of snuff, has been in business since 1869. At the end of the current year, analysts expect Fezziwigs EBIT to be $1.25M and they expect the same earnings annually in perpetuity. The cost of unlevered equity for FI is 12.5%. Fezziwig has 5M shares outstanding and $4M of debt outstanding. Fezziwig is rated AAA and bondholders demand a yield of 5%. The CFO of Fezziwig, Jacob Marley, believes that the company is under-levered. To increase the leverage, Marley proposes to spend $2.18M to repurchase shares. The repurchase will be financed by additional borrowing. The corporate tax rate is 38%. What price should Marley offer in the repurchase so that the post-repurchase stock price is the same as the repurchase price?

Round your answer to the nearest cent.