8. North Face Inc. is a firm that manufactures skis. The firm has no debt outstanding, 50 million shares trading at $80 per share and a beta of 1.00 . The firm is planning to increase its debt to capital ratio to 25% and believes that its cost of capital will drop to 8% at this debt ratio. The current risk-free rate is 5% and the risk premium is 4%. Assuming that they can borrow the money today and are able to buy the shares back at the current stock price, estimate the value per share after the repurchase. (You can assume 3% growth in firm value forever)