Analysts expect ElectroSoft to generate $99.6 million of free cash flow at the end of the current year. (Assume that cash flows occur on December 31 and today is January 1.) Analysts expect Electrosofts cash flow to grow at 3% in perpetuity. Electrosoft has no debt and its shareholders require a return of 12%. There are 151.59817 million shares outstanding, and the shares trade for $7.30. ElectroSoft has announced a stock repurchase. It intends to buy 60 million shares at a price of $8 per share. The repurchase will be debt-financed. After the repurchase, the companys debt-to-equity ratio will be 2/3 and it will maintain that ratio in perpetuity. The cost of debt is 5% and the tax rate is 35%. Answer the following questions.

1. What is the DCF/WACC value of the levered firm after the repurchase? (Express your answer in millions of dollars rounded to the nearest million.)

2. What is the stock price after the repurchase? (Express your answer in dollars and round to two decimal places.)