You are building a free cash flow to the firm model. You expect sales to grow from $1.6 billion for the year that just ended to $1.76 billion five years from now. Assume that the company will not become any more or less efficient in the future. Assume that the company will grow at a constant rate for 5 years, and then at a constant rate of 1.424488% for year 6 and onward after that. Use the following information to calculate the value of the equity on a per-share basis.

a. Assume that the company currently has $528 million of net PP&E.

b. The company currently has $176 million of net working capital.

c. The company has operating margins of 10 percent and has an effective tax rate of 32 percent.

d. The company has a weighted average cost of capital of 9 percent. This is based on a capital structure of two-thirds equity and one-third debt.

e. The firm has 3 million shares outstanding.

Do not round intermediate calculations. Round your answer to the nearest cent.