Ward Corp. is expected to have an

EBIT of $1.9 million next year. Depreciation, the increase in net working

capital, and capital spending are expected to be $165,000, $85,000, and

$115,000, respectively. All are expected to grow at 18 percent per year for

four years. The company currently has $13 million in debt and 800,000

shares outstanding. After Year 5, the adjusted cash flow from assets is

expected to grow at 3 percent indefinitely. The company's WACC is

8.5 percent and the tax rate is 35 percent. What is the price per share of

the company's stock?