Surf & Turf Hotels is a mature business, although it pays no cash dividends. Next year$$s earnings are forecasted at $$60$ million. There are $10$ million outstanding shares. The company has traditionally paid out $50\%$ of earnings by repurchases and reinvested the remaining earnings. With reinvestment, the company has generated steady growth averaging $5\%$ per year. Assume the cost of equity is $13\%.$

$1.$ Calculate Surf & Turf $$s current stock price, using the constant$-$growth DCF model. $($Hint: Take the easy route and estimate overall market capitalization.$)$

$2.$ Now Surf & Turf's CFO announces a switch from repurchases to a regular cash dividend. Next year$$s dividend will be $$3\mathrm{.}00$ per share. The CFO reassures investors that the company will continue to pay out $50\%$ of earnings and reinvest $50\%.$ All future payouts will come as dividends, however. What would be Surf & Turf $$s stock price?

Note: For all requirement, do not round intermediate calculations. Round your answers to $2$ decimal places.