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Portage Bay Enterprises has no debt and is expected to have free cash flow of $10 million next year. It is then expected to grow

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Portage Bay Enterprises has no debt and is expected to have free cash flow of $10 million next year. It is then expected to grow at a rate of 6% per year forever. If Portage Bay's equity cost of capital is 11% and it has 6 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.)

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