Problem $9\mathrm{.}05($Corporate Valuation$)$

Scampini Technologies is expected to generate $$150$ million in free cash flow next year, and FCF is expected to grow at a constant rate of $5\%$ per year

indefinitely. Scampini has no debt or preferred stock, and its WACC is $12\%,$ and it has zero nonoperating assets. If Scampini has $60$ million shares of stock

outstanding, what is the stock's value per share? Do not round intermediate calculations. Round your answer to the nearest cent.

Each share of common stock is worth $

$,$ according to the corporate valuation model.