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AFW Industries has 177 million shares outstanding and expects earnings at the end of this year of $674 million. AFW plans to pay out 61%

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AFW Industries has 177 million shares outstanding and expects earnings at the end of this year of \$674 million. AFW plans to pay out 61% of its earnings in total, paying 35% as a dividend and using 26% to repurchase shares. If AFWs earnings are expected to grow by 8.9% per year and these payout rates remain constant, determine AFW's share price assuming an equity cost of capital of 12.6%. The price per share will be \$ (Round to the nearest cent.)

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