?

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 Corporation’s common stock is expected to trade at a price-earnings ratio of 8, the market price per share (to the nearest dollar) would be