Portage Bay Enterprises has $2 million in excess cash, no debt, and is expected to have free cash flow of $11 million next year. Its FCF is then expected to grow at a rate of 2% per year forever. If Portage Bay's equity cost of capital is 12% and it has 8 million shares outstanding, what should be the price of Portage Bay stock? 4 CRIED The price of Portage Bay's stock is $ per share. (Round to the nearest cent.)

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