Penguin, Incorporated, has balance sheet equity of $6.5 million. At the same time, the income statement shows net income of $780,000. The company paid dividends of $397,800 and has 120,000 shares of stock outstanding. If the benchmark PE ratio is 29 , what is the target stock price in one year? Assume the firm will grow at the sustainable growth rate. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)