You have looked at the current financial

statements for Reigle Homes, Co. The company has an EBIT of $2.95 million

this year. Depreciation, the increase in net working capital, and capital

spending were $235,000, $105,000, and $475,000, respectively. You

expect that over the next five years, EBIT will grow at 15 percent per year,

depreciation and capital spending will grow at 20 percent per year, and

NWC will grow at 10 percent per year. The company has $19.5 million in

debt and 400,000 shares outstanding. After Year 5, the adjusted cash flow

from assets is expected to grow at 3.5 percent indefinitely. The company's

WACC is 9.25 percent, and the tax rate is 35 percent. What is the price per

share of the company's stock?