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 $3\%$ per year forever. If Portage$$ Bay's equity cost of capital is$13\%$ and it has $8$ million shares$$ outstanding, what should be the price of Portage Bay$$ stock?

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Part $1$

The price of Portage$$ Bay's stock is $$$

$$

enter your response here per share.$($Round to the nearest$$ cent.$)$