Assume that company A wants to boost its stock price. The company currently has $13$ million shares outstanding with a market price of $$28$ per share and no debt. A has had consistently stable earnings, and pays a $25\%$ tax rate. Management plans to borrow $$45$ million on a permanent basis and they will use the borrowed funds to repurchase outstanding shares. If shareholders are perfectly rational and informed, what will the repurchase price per share be $($keep two decimal places and assume that the new borrowing will not have any negative effects$)?$

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