Artan industries currently has total capital equal to $7 million, has zero debt, is in the 40% federal-plus-state tax bracket, has a net income of $4 million, and distributes 40% of its earnings as dividends. net income is expected to grow at a constant rate of 5% per year, 330,000 shares of stock are outstanding, and the current wacc is 12.80%. the company is considering a recapitalization where it will issue $2 million in debt and use the proceeds to repurchase stock. investment bankers have estimated that if the company goes through with the recapitalization, its before-tax cost of debt will be 9% and its cost of equity will rise to 15.5%. what is the stock's current price per share (before the recapitalization)? round your answer to the nearest cent. do not round intermediate steps.