West Point Ltd. requires an investment of $16 million to be financed by the sale of new common shares. Assume the companys P/E ratio of 16x remains unchanged. The companys EPS is $0.5, the net income is $17 million and common share outstanding is 45 million. The company forecasts that the investment will generate new business and increase net income by 20%. Calculate West Points new stock price after this expansion. (6 Marks)