Portage Bay Enterprises has $$1$ million in excess cash, no debt, and is expected to have free cash flow of $$9$ million next year. Its FCF is then expected to grow at a rate of $5\%$ per year forever. If Portage Bay's equity cost of capital is $12\%$ and it has $7$ million shares outstanding, what should be the price of Portage Bay stock?

The price of Portage Bay's stock is $ per share. $($Round to the nearest cent.$)$