Portage Bay Enterprises has $1 million in excess cash, no debt, and is expected to have free cash flow of $14 million next year. Its FCF is then expected to grow at a rate of 2% per year forever. If Portage Bay's equity cost of capital is9% and it has 4 million shares outstanding, what should be the price of Portage Baystock?

Portage Bay Enterprises has $1 million in excess cash, no debt, and is expected to have free cash flow of $14 million next year. Its FCF is then expected to grow at a rate of 2% 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.)