9-7

Alphabet (GOOGL) has yet to pay a dividend, but in spring 2018 it announced it would repurchase $8.5 billion worth of shares over the year. (Actually, the exact amount was $8,589,869,056known as a "perfect" number because it is equal to the sum of its divisors). If the amount spent on share repurchases were expected to grow by 6.6% per year, and Alphabet's equity cost of capital is 7.7%, estimate Alphabet's market capitalization. If Alphabet has 727 million shares outstanding, what stock price does this correspond to?

The share price is $_______ (Round to the nearest cent.)