Portage Bay Enterprises has no debt, $$1\mathrm{.}4$ million in cash, and is expected to have free cash flow of $$15$

million next year. It is then expected to grow at a rate of $4\%$ per year forever. If Portage Bay's equity cost

of capital is $11\%$ and it has $4$ 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.$)$