The current risk-free rate is 3 percent and the market risk premium is 5 percent. You are trying to value ABC company and it has an equity beta of 0.7. The company earned $3.50 per share in the year that just ended. You expect the company's earnings to grow 4 percent per year. The company has an ROE of 11 percent. What is the value of the stock? Do not round intermediate calculations.

Round your answer to the nearest cent.

$

What is the present value of the growth opportunity? Do not round intermediate calculations.

Round your answer to the nearest cent.

$