Portage Bay Enterprises has $$4$ million in excess cash, no debt, and is expected to have free cash flow of $$11$ million next year. Its FCF is then expected to grow at a rate of $4\%$ per year forever. If Portage Bay's

equity cost of capital is $10\%$ and it has $5$ million shares outstanding, what should be the price of Portage Bay stock?

The price of Portage Bay's stock is $9$ per share. $($Round to the nearest cent.$)$