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Portage Bay Enterprises has $3 million in excess cash, no debt and is expected to have free cash flow of $10 million next year. Its

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Portage Bay Enterprises has $3 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 3% per year forever. If Portage Bay's equity cost of capital is 11% and it has 7 million shares outstanding, what should the price of Portage Bay's stock be? The price of Portage Bay's stock is s per share. (Round to the nearest cent.)

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