Carl Corp. has 150 million shares outstanding and expects earnings of $655 million at the end of this year (1 year from today). It plans to pay out 61% of earnings in total in the future (half of that as a dividend and half to repurchase shares). Carl's earnings are expected to grow by 6% per year indefinitely. Carls stock price, assuming an equity cost of capital of 12%, is $__________ per share.

Margin of error for correct responses: +/- $.05.