Penguin, Incorporated, has balance sheet equity of $5.4 million. At the same time, the income statement shows net income of $783,000. The company paid dividends of $438,480 and has 100,000 shares of stock outstanding. If the benchmark PE ratio is 18, what is the target stock price in one year? Assume the firm will grow at the sustainable growth rate. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

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