Maynard Steel plans to pay a dividend of $ $2\mathrm{.}88$ this year. The company has an expected earnings growth rate of $4\mathrm{.}1\%$ per year and an equity cost of capital of $9\mathrm{.}2\%.$

a$.$ Assuming that$$ Maynard's dividend payout rate and expected growth rate remain$$ constant, and that the firm does not issue or repurchase$$ shares, estimate$$ Maynard's share price.

b$.$ Suppose Maynard decides to pay a dividend of $ $0\mathrm{.}93$ this year and use the remaining $ $1\mathrm{.}95$ per share to repurchase shares. If$$ Maynard's total payout rate remains$$ constant, estimate$$ Maynard's share price.

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Part $1$

a$.$ Assuming that$$ Maynard's dividend payout rate and expected growth rate remain$$ constant, and that the firm does not issue or repurchase$$ shares, estimate$$ Maynard's share price.

$$Maynard$\text{'}$s share price will be $$$

$$

enter your response here. $($Round to the nearest$$ cent.$)$