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 $4\%$ per year forever. If Portage Bay's equity cost of capital is

$11\%$ and it has $6$ 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.$)$