Portage Bay Enterprises has no debt, $1.2 million in cash, and is expected to have free cash flow of $10 million next year. It is then expected to grow at a rate of 2% per year forever. If Portage Bay's equity cost of capital is 9% and it has 5 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.)

Portage Bay Enterprises has no debt, $1.2 million in cash, and is expected to have free cash flow of $10 million next year. It is then expected to grow at a rate of 2% per year forever. If Portage Bay's equity cost of capital is 9% and it has 5 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)