Tartan Industries currently has total capital equal to $10 millian, has zero debt, is in the 25% federal-plus-state tax bracket, has a net inogme of s2 million, and distributes 40% of as earnings as dividends. Net income is expected to grow at a constant rate of 3% per year, 440,000 shares of stock apt outstanding, and the current WACC is 12.30%. The company is conaldering a recapitalizablon where it will issue 15 million in debt and use the proceeds to repurchase stock. Investment gankers have estimated that if the company goes through with the recopitalization, its before-tax cost of debt will be 9% and its cost of equity wil rise to 14.5%. a. What is the stock's current price par share (before the recaptalization)? Do not round intermediate calculations. Round your answer to the nearest cent. 5 Assuming that the company maintains the same payout ratio, what will be its stock price following the recapitalization? Assume that sheres are repurchased at the price calculated in part a. Do not round intermedlate calculations. Round your answer to the nearest cent