Portage Bay Enterprises has $$1$ million in excess cash, no debt, and is expected to have free cash flow of $$10$ 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 $11\%$ and it has $5$ 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.$)$