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AFW Industries has 2 0 5 million shares outstanding and expects earnings at the end of this year of $ 7 1 4 million. AFW

AFW Industries has 205 million shares outstanding and expects earnings at the end of this year of $ 714 million. AFW plans to pay out 63% of its earnings in total, paying 36% as a dividend and using 27% to repurchase shares. If AFW's earnings are expected to grow by 8.4% per year and these payout rates remain constant, determine AFW's share price assuming an equity cost of capital of 11.3%.
The price per share will be $ (Round to the nearest cent.)

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