ACME company recently reported net income of $20 million. It has 8 million shares of common stock,

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ACME company recently reported net income of $20 million. It has 8 million shares of common stock, which currently trades at $50 a share. ACME continues to expand and anticipates that 1 year from now its net income will be 22 million. 1 year from now it will have 9 million shares of common stock. Assuming that ACME’s price/earnings ratio remains at its current levels, what will be its stock price 1 year from now?