• 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 million per year; thus, it anticipates paying a dividend of $4.80 per share each year thereafter.

Assuming a perfect capital market, calculate the cum-dividend price of the company (Round to the nearest dollar).