Full Boat Manufacturing has projected sales of $$125$ million next year. Costs are expected to be $$74\mathrm{.}8$ million and net investment is expected to be $$15\mathrm{.}2$ million. Each of these values is expected to grow at $13$ percent the following year, with the growth rate declining by $2$ percent per year until the growth rate reaches $5$ percent, where it is expected to remain indefinitely. There are $6\mathrm{.}7$ million shares of stock outstanding and investors require a return of $13$ percent return on the company$$s stock. The corporate tax rate is $25$ percent.

a$.$

What is your estimate of the current stock price? $($Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

b$.$

Suppose instead that you estimate the terminal value of the company using a PE multiple. The industry PE multiple is $11.$ What is your new estimate of the company$$s stock price? $($Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$