Portage Bay Enterprises has no debt, $1.7 million in cash, and is expected to have free cash flow of $12 million next year. It is then expected to grow at a rate of 3% per year forever. If Portage Bay's equity cost of capital is 9% 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.)