Bryson? Industries's free cash flow to its equity holders? (FCFE) was $30 million in its most recent fiscal year that just ended.? Bryson's FCFE is expected to grow steadily at 4?% per year in perpetuity. The? 10-year T-note yield is? 2%, the expected market risk premium is 7?% and? Bryson's beta is 1.2. Bryson has 20 million shares outstanding. What should be the price of each? share?
?(Hint:Step? 1: Find the discounted value of the? firm's FCFEs using the? constant-growth model and CAPM required return as the discount rate.
Step? 2: Divide the total value of equity by the total number of shares outstanding to find the price per? share).
The price of each share should be$______(ROUND TO TWO DECIMAL PLACES)