Zang Industries has hired the investment banking firm of Eric, Schwartz, & Mann (ESM) to help it go public. Zand and ESM agree that Zang's current value of equity is $55 million. Zang currently has 3 million shares outstanding and will issue 1.7 million new shares. ESM charges a 9% spread. What is the correctly valued offer price? Do not round intermediate calculations. Round your answer to the nearest cent