QUESTION 18 . Suppose that the firm's board is meeting to decide how to pay out $20 million in excess cash to shareholders. The company has no debt, and its unlevered cost of capital is 10%. With 10 million shares outstanding, the firm will be able to pay a $2 dividend immediately. . The firm expects to generate future free cash flows of $48 milion per year, thus, it anticipates paying a dividend of $4.80 per share each year thereafter. Assuming a perfect capital market, calculate the ex-dividend price of the company (Round to the nearest dollari