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AFW Industries has 182 million shares outstanding and expects earnings at the end of this year of $657 million. AFW plans to pay out 56%

image text in transcribed AFW Industries has 182 million shares outstanding and expects earnings at the end of this year of $657 million. AFW plans to pay out 56% of its earnings in total, paying 32% as a dividend and using 24% to repurchase shares. If AFW's earnings are expected to grow by 7.9% per year and these payout rates remain constant, determine AFW's share price assuming an equity cost of capital of 12.8% The price per share will be q (Round to the nearest cent.)

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