Portage Bay Enterprises has $ 2 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 2 % per year forever. If Portage Bay's equity cost of capital is 13 % 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.)