Please show step by step hand written work.

Answer: $67.63

20. Firm Valuation Schultz Industries is considering the purchase of Arras Manufacturing. Arras is currently a supplier for Schultz and the acquisition would allow Schultz to better control its material supply. The current cash flow from assets for Arras is $7.1 million. The cash flows are expected to grow at 10 percent for the next five years before leveling off to 4 percent for the indefinite future. The costs of capital for Schultz and Arras are 11 percent and 9 percent, respectively. Arras currently has 2.5 million shares of stock outstanding and $22 million in debt outstanding. What is the maximum price per share Schultz should pay for Arras