Portage Bay Enterprises has

$ 1$1

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

$ 11$11

million next year. Its FCF is then expected to grow at a rate of

3 %3%

per year forever. If Portage Bay's equity cost of capital is

13 %13%

and it has

66

million shares outstanding, what should be the price of Portage Bay stock?