Industries has 209 million shares outstanding and expects earnings at at the end of the year of 705 million. The industry plans to pay out 56 percent of its earnings in total, by paying 33 percent as dividends, and using 23 percent to repurchase shares. If the industries earnings are expected to grow by 7.6 percent per year and these payout rates remain constant what is the industry share price assuming the equity cost of capital is 11.7 percent.

The price per share will be?