The Dawson Corporation projects the following for the year:
Earnings before interest and taxes $35 million
Interest expense $5 million
Preferred stock dividends $4 million
Common stock dividend-payout ratio 30%
Common shares outstanding 2 million
Effective corporate income tax rate 40%
If Dawson Corporations common stock is expected to trade at a price-earnings ratio of 8, the market price per share (to the nearest dollar) would be