The capital structure for Cain Supplies is: Cain Supplies Debt @ 10% $ 200,000 Common stock, $10 par 400,000 Total $ 600,000 Common shares 40,000

Compute the stock price for Cain if it sells at 17 times earnings per share and EBIT is $70,000. The tax rate is 30 percent. (Do not round intermediate calculations. Round your answer to 2 decimal places.)