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AFW Industries has 182 million shares outstanding and expects earnings at the end of this year of $705 million. AFW plans to pay out 62%
AFW Industries has 182 million shares outstanding and expects earnings at the end of this year of $705 million. AFW plans to pay out 62% of its earnings in total, paying 37% as a dividend and using 25% 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 12.2%. The price per share will be $ (Round to the nearest cent.)
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