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Purgatory Corp. has earnings per share of $1.61 and their common stock sells for $20 per share. The average Price / Earnings ratio in Purgatory's

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Purgatory Corp. has earnings per share of $1.61 and their common stock sells for $20 per share. The average Price / Earnings ratio in Purgatory's industry is 17. If Pufgatory's P/E ratio moves up to the industry average, what will their stock price be? (Round your answer to 2 decimal places.)

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