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AFW Industries has 214 million shares outstanding and expects earnings at the end of this year of $744 million. AFW plans to pay out 59%
AFW Industries has 214 million shares outstanding and expects earnings at the end of this year of $744 million. AFW plans to pay out 59% of its earnings in total paying 33% as a dividend and using 26% to repurchase shares. If AFW's earnings are expected to grow by 7.5% per year and these payout rates remain constant, determine AFW's share price assuming an equity cost of capital of 11.2%. The price per share will be (Round to the nearest cent.)
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