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Full Boat Manufacturing has projected sales of $116.5 million next year. Costs are expected to be $68.2 million and net investment is expected to be

Full Boat Manufacturing has projected sales of $116.5 million next year. Costs are expected to be $68.2 million and net investment is expected to be $12.6 million. Each of these values is expected to grow at 9 percent the following year, with the growth rate declining by 1 percent per year until the growth rate reaches 5 percent, where it is expected to remain indefinitely. There are 5 million shares of stock outstanding and investors require a return of 12 percent return on the companys stock. The corporate tax rate is 23 percent. a. What is your estimate of the current stock price? (Do not round intermediate calculations and round your answer to 2

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