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AFW Industries has 1 9 5 million shares outstanding and expects earnings at the end of this year of $ 6 5 1 million. AFW

AFW Industries has 195 million shares outstanding and expects earnings at the end of this year of $651 million. AFW plans to pay out 56% of its earnings in total, paying 30% as a dividend and using 26% to repurchase shares. If AFWs earnings are expected to grow by 7.7% per year and these payout rates remain constant, determine AFW's share price assuming an equity cost of capital of 11.2%.
The price per share will be $.(Round to the nearest cent.)
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