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 3% per year forever. If Portage Bay's equity cost of capital is 11% and it has 8 million shares outstanding what should the price of Portage Bay's stock be? The price of Portage Bay's stock is $ per share. (Round to the nearest cent.)