Portage Bay Enterprises has $ 3 million in excess cash, no debt, and is expected to have free cash flow of $ 9 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 6 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.)