Hors d'Age Cheeseworks has been paying a regular cash dividend of $$4\mathrm{.}30$ per share each year for over a decade. The company is paying out all its earnings as dividends and is not expected to grow. There are $105,000$ shares outstanding selling for $$86$ per share. The company has sufficient cash on hand to pay the next annual dividend.

Suppose that, starting in year $1,$ Hors d'Age decides to cut its cash dividend to zero and announces that it will repurchase shares instead.

c$.$ Project and compare future stock prices for the old and new policies.

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Project and compare future stock prices for the old and new policies.

Note: Do not round intermediate calculations. Round your old policy answers to the nearest whole number and your new policy answers to $2$ decimal places.