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Solar Energy Corp. has $5 million in earnings with two million shares outstanding. Investment bankers think the stock can justify a P/E ratio of 24.

Solar Energy Corp. has $5 million in earnings with two million shares outstanding. Investment bankers think the stock can justify a P/E ratio of 24. Assume the underwriting spread is 10 percent.

Price

What should the price to the public be? (Do not round intermediate calculations and round your answer to 2 decimal places.)

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