Q20

* Problem 4.21 (P-E and Stock Price) Question 20 of 20 Check My Work (3 remaining) eBook 11 Problem Walk-Through Ferrell Inc, recently reported net income of $10 million. It has 420,000 shares of common stock, which currently trades at $55 a share. Ferrell continues to expand and anticipates that 1 year from now, its net income will be $16.5 million. Over the next year, it also anticipates issuing an additional 147,000 shares of stock so that 1 year from now it will have 567,000 shares of common stock. Assuming Ferrell's price/earnings ratio remains at its current level, what will be its stock price 1 year from now? Do not round Intermediate calculations. Round your answer to the nearest cent