Hadley Inc. forecasts the year-end free cash flows (in millions) shown below.
Year 1 2 3 4 5
FCF -$22.76 $38.8 $43.4 $52.3 $55.4
The weighted average cost of capital is 9%, and the FCFs are expected to continue growing at a 5% rate after Year 5. The firm has $26 million of market-value debt, but it has no preferred stock or any other outstanding claims. There are 18 million shares outstanding. What is the value of the stock price today (Year 0)? Round your answer to the nearest cent. Do not round intermediate calculations.