Round Hammer is comparing two different capital structures: An all-equity plan (Plan I) and a levered plan (Plan II). Under Plan I, the company would have 150,000 shares of stock outstanding. Under...

Round Hammer is comparing two different capital structures: An all-equity plan (Plan I) and a levered plan (Plan II). Under Plan I, the company would have 150,000 shares of stock outstanding. Under Plan II, there would be 100,000 shares of stock outstanding and $1.24 million in debt outstanding. The interest rate on the debt is 5 percent and there are no taxes.

Use M&M Proposition I to find the price per share.(Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)