I FW industries has 225 million shares outstanding and expects earnings at the end of next year of 692 million a FW plans to pay out 56% of its earnings in total paying 30% as a dividend and using 26% to re-purchase shares if a FW servings are expected to grow by 8.2% per year. These payouts rates remain constant determine a FW's share price assuming equity cost of capital of 11.6% the price per share