Portage Bay Enterprises has $$1$ million in excess cash, no debt, and is expected to have free cash flow of $$13$ 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 $9\%$ and it has $4$ 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.$)$