Spirit Air, based in Wichita, is considering buying a company that has all of its operations in Mexico. The net cash flows to be generated by this target firm are expected to be 500 million pesos at the end of one year and 450 million pesos at the end of the second year. The current spot rate of the peso is $.15, the expected spot rate in one year is $.135, and the expected spot rate in two years is $.12. All cash flows in year 1 will be remitted to the parent at the end of year 1, and all cash flows in year 2 will be remitted at the end of year 2.

In addition, Spirit Air hopes to sell the company for 600 million pesos (after taxes) at the end of two years. The target has 10 million shares outstanding. If Spirit Air purchases this target, it would require a 20 percent return. What is the maximum value in pesos per share that Spirit Air should pay for this target company today?