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A firm's board of directors has authorized total dividend distributions of $17 million one year from now and $24 million two years from now. Three

A firm's board of directors has authorized total dividend distributions of $17 million one year from now and $24 million two years from now. Three years from now, the firm will discontinue paying dividends. Instead, the firm will spend a total of $29 million to repurchase shares. (No new stock issuances are planned.) Beginning in the fourth year, the amount spent on net repurchases is expected to grow at an annual rate of 2% forever. There are 9 million common shares outstanding and the annual equity cost of capital is 8.4 percent. What is value today per share?

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