Please, I need a detailed explanation

ABC Inc. is an all equity firm. It is operating in a perfect capital market. It has excess cash of $10,500,000. The company current stock price is $64.75. The company has 950,000 common shares outstanding. The company has decided to invest the excess cash of $10,500,000 in a new project. The project will generate an extra cash flow of $860,000 per year in perpetuity, starting one year from today. The required rate of return on the project is 12.1%. What will be the company's stock price after it undertakes the new project. Your answer should be accurate to two decimal places. Your Answer: 54.60