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Xin's Bakery has current earnings per share of $ 2 . 9 0 . Current book value is $ 4 . 8 0 per share.

Xin's Bakery has current earnings per share of $2.90. Current book value is $4.80 per share. The appropriate discount rate for Xin's Bakery is 10 percent. Calculate the share price for Xin's Bakery if earnings grow at 4.6 percent forever.
Note: Do not round intermediate calculations. Round your answer to 2 decimal places.
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