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A firm has 6.0 million shares outstanding and expects its earnings at the end of the year to be $81 million. The firm's equity cost

A firm has 6.0 million shares outstanding and expects its earnings at the end of the year to be $81 million. The firm's equity cost of capital is 12.2%. The firm plans to use 65% of its earnings each year to pay dividends and/or repurchase shares. If earnings are expected to grow at approximately 5.0% per year, what should be the firm's share price?

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