You have been assigned the task of using the corporate, or free cash flow, model to estimate ABC Company's intrinsic value of common stock. The company's WACC is 11.0%, its end-of-year free cash flow (FCF₁) is expected to be $87 million, the FCFs are expected to grow at a constant rate of 6.1% a year in the future, the company has $237 million of long-term debt and preferred stock, and it has 20 million shares of common stock outstanding. What is the company's estimated intrinsic value per share of common stock?

Round your answer to two decimal places of dollar, but do not enter $ sign in your answer, e.g., xx.xx. (Hint: Compute the market value of the company first using the Corporate Valuation Model or FCF model, then market value of common stock, and finally the intrinsic value of common stock.)