AFW Industries has 198 million shares outstanding and expects earnings at the end of this year of $711 million. AFW plans to pay out 62% of its earnings in total, paying 40% as a dividend and using 22% 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 11.9%. The price per share will be $ (Round to the nearest cent.) Follow these steps to determine the price per share. First, to find the total payout this year, use the following formula: Total Payout = Earnings Payout Ratio To find the present value of the total payout, use the following formula: PV=rEgTotalPayout Using the total payout model, we can value AFW's equity using the growing perpetuity formula. Therefore, the price per share can be determined using the following formula: P0=NumberofSharesPV