Pepper Inc. is expected to have before-tax earnings of $2.6 million next year. The tax rate is 40 percent. There are 2 million common shares outstanding. Comparable firms in the same industry are estimated to have price-earnings multiples of 10 to 14. Estimate the intrinsic value of Pepper's share price based on the price-earnings method The intrinsic value of Pepper's share price based on the price-earnings method is estimated to be $ (Round to the nearest cent.)