Portage Bay Enterprises has

$ 1

million in excess cash, no debt, and is expected to have free cash flow of

$ 11

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

66

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.)