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PRICO company balance sheet showed total assets of $60 million, total liabilities (including preferred stock) of $45 million, and 1,000,000 shares of common stock outstanding.

PRICO company balance sheet showed total assets of $60 million, total liabilities (including preferred stock) of $45 million, and 1,000,000 shares of common stock outstanding. Next year, PRICO is projecting that it will have net income of $1.5 million. If the average P/E multiple in PRICO's industry is 15, what should be the price of PRICO's stock?

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