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AFW Industries has 2 1 8 million shares outstanding and expects earnings at the end of this year of $ 6 8 5 million. AFW

AFW Industries has 218 million shares outstanding and expects earnings at the end of this year of $685 million. AFW plans to pay out 59% of its earnings in total, paying 31% as a dividend and using 28% to repurchase shares. If AFW's earnings are expected to grow by 8.9% 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.)
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