Portage Bay Enterprises has $2 million in excess cash, no debt, and is expected to have free cash flow of $13 million next year. Its FCF is then expected to grow at a rate of 6% per year forever. If Portage Bay's equity cost of capital is 12% and it has 7 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.)