Sales for BHP Billiton in the year 2014 were $12.63 per share and the Net Profit Margin (NPM) was 23%. Analysts project sales to grow by 12% next year (that is 2015). However, because of more competition, the NPM is expected to decline by 10% for the year 2015. The expected P/E multiple for the year 2015 is 11. Use the earnings multiplier model to calculate the expected price for BHP Billiton in the year 2015. (5 marks)