The Stambaugh Corporation currently has earnings per share of $11.20. The company has no growth and pays out all earnings as dividends. It has a new project that will require an investment of $3.75 per share in one year. The project is only a two-year project, and it will increase earnings in the two years following the investment by $4.55 and $4.85, respectively. Investors require a return of 15 percent on Stambaugh stock.

b.	If the company does undertake the investment, what is the value per share now?