Ariakan Wealth Management (AWM) Ltd is looking at raising additional equity capital through an ordinary share issue. AWM shareholders require a return of 11% pa on their investment in the company. Ariakan pays out 50% of earnings each year as a dividend and had EPS this year of $1.10. EPS is expected to grow by 8% pa for the next three years then revert to 2% pa grow forever after that time. So If AWM plans on issuing each share at price that is 10% below its true value, how much will each share cost?