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AFW Industries has 1 9 4 million shares outstanding and expects earnings at the end of this year of $ 7 0 5 million. AFW

AFW Industries has 194 million shares outstanding and expects earnings at the end of this year of $705 million. AFW plans to pay out 60% of its earnings in total, paying 37% as a dividend and using 23% to repurchase shares. If AFW's earnings are expected to grow by 7.2% per year and these payout rates remain constant, determine AFW's share price assuming an equity cost of capital of 12.1%.
The price per share will be $
(Round to the nearest cent.)
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