3M Co. has 698 million shares outstanding and expects earnings at the end of this year of $2.96 billion. 3M plans to pay out 50% of its earnings in total, paying 25% as a dividend and using 25% to repurchase shares. If 3Ms earnings are expected to grow by 9.2% per year and these payout rates remain constant, determine 3Ms share price assuming an equity cost of capital of 12%.