Hastings Corporation is interested in acquiring VandellCorporation. Vandell has 1 million shares outstanding and a targetcapital structure consisting of 30% debt; its beta is 1.40 (givenits target capital structure). Vandell has $11.32 million in debtthat trades at par and pays an 7.3% interest rate. Vandell’s freecash flow (FCF0) is $1 million per year and is expected to grow ata constant rate of 4% a year. Both Vandell and Hastings pay a 30%combined federal and state tax rate. The risk-free rate of interestis 7% and the market risk premium is 6%. Hastings Corporationestimates that if it acquires Vandell Corporation, synergies willcause Vandell’s free cash flows to be $2.6 million, $2.7 million,$3.5 million, and $3.82 million at Years 1 through 4, respectively,after which the free cash flows will grow at a constant 4% rate.Hastings plans to assume Vandell’s $11.32 million in debt (whichhas an 7.3% interest rate) and raise additional debt financing atthe time of the acquisition. Hastings estimates that interestpayments will be $1.5 million each year for Years 1, 2, and 3.After Year 3, a target capital structure of 30% debt will bemaintained. Interest at Year 4 will be $1.425 million, after whichthe interest and the tax shield will grow at 4%. Indicate the rangeof possible prices that Hastings could bid for each share ofVandell common stock in an acquisition. Round your answers to thenearest cent. Do not round intermediate calculations. The bid foreach share should range between __________$ per share and_________$ per share.