Norah Inc. has just paid an annual dividend of 1.99. Analysts forecast a 6% per year increase in company's profits over the next four years. Beyond that, Norah Inc.'s profits are expected to grow at the industry average rate of 4.6% per year.

If, while maintaining a constant total payout rate, the CFO ultimately decided to pay out 50% of the earnings as a dividend and use the remaining 50% on share repurchases, what would Norah's share price be?