Gamecocks Inc.'s free cash flow to the firm (FCFF) was $30 million in its most recent fiscal year that just ended. The company's FCFF is expected to grow steadily at 5% per year in perpetuity. The company's weighted average cost of capital is 6.5%.

The market value of the company's debt equals 27% of its total value and the rest is the value of its common stock. If Gamecocks has 10 million common shares outstanding, what is the value of each share?

(Hint:Step 1: Find the discounted value of the firm's FCFFs using the constant-growth model with WACC as the discount rate.

Step 2: Subtract the value of debt to find the value of common stock.

Step 3: Divide by the total number of shares outstanding to find the price per share).

The price of each share is $____ (Round to the nearest cent.)