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3 12.5 Problem 17-11 Payout Policy (L03) Surf & Turf Hotels is a mature business, although it pays no condividends. Next year's earnings forecast of

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3 12.5 Problem 17-11 Payout Policy (L03) Surf & Turf Hotels is a mature business, although it pays no condividends. Next year's earnings forecast of $60 milion. There are 10 million outstanding shares. The company has traditionally used 70% of coming to purchase shares of stock and white the remaining earrings with westment, the company has generated steady grow vegas per your assume the cost of equity is Calculate Surf & Tuis current stock price (Do not round Intermediate calculator Round your answer to 2 decimal place) or where 19 fo tiNow Surf & Turf Cronounces sommes to an end. Neend wole $200 The CFOsvestors that company wil.com to pay 70% of caring and report w how What you spect to posto u stock rigoro he Ne>

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