A Company uses 30% of their annual net earnings to repurchase own shares and a another 30% of their net earnings are paid in dividends. Next year's profit after tax (ie net earnings) is expected to be 600m and it is expected that earnings will grow with 8% per year forever. The company has 150 million outstanding shares at time t = 0, and the appropriate equity cost is estimated at 10% per year.

Determine using the "Total Payout" model what the price of one share should be at the time t = 0.