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AFW Industries has 1 8 3 million shares outstanding and expects earnings at the end of this year of $ 6 9 2 million. AFW

AFW Industries has 183 million shares outstanding and expects earnings at the end of this year of $692
million. AFW plans to pay out 65% of its earnings in total, paying 40% as a dividend and using 25% to
repurchase shares. If AFW's earnings are expected to grow by 7.8% per year and these payout rates
remain constant, determine AFW's share price assuming an equity cost of capital of 11.3%.
The price per share will be $
(Round to the nearest cent.)
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