Portage Bay Enterprises has no$$ debt, $ $1\mathrm{.}3$ million in$$ cash, and is expected to have free cash flow of $ $12$ million next year. It is then expected to grow at a rate of $6\%$ per year forever. If Portage$$ Bay's equity cost of capital is $10\%$ and it has $6$ million shares$$ outstanding, what should the price of Portage$$ Bay's stock$$ be$?$

Question content area bottom

Part $1$

The price of Portage$$ Bay's stock is $$$

$$

enter your response here per share. $($Round to the nearest$$ cent.$)$