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AFW Industries has 198 million shares outstanding and expects earnings at the end of this year of $670 million. AFW plans to pay out 64%
AFW Industries has 198 million shares outstanding and expects earnings at the end of this year of $670 million. AFW plans to pay out 64% of its earnings in total, paying 39% as a dividend and using 25% to repurchase shares. If AFW's earnings are expected to grow by 7.6% per year and these payout rates remain constant, determine AFW's share price assuming an equity cost of capital of 12.3%. The price per share will be $ (Round to the nearest cent.)
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