Permian Partners (PP) produces from aging oil fields in west Texas. Production is 1.97 million barrels per year in 2018 , and it will be stable for the foreseeable future. Costs of production, transportation, and administration add up to $26.70 per barrel. The average oil price was $66.7 per barrel in 2018 , and it will not change in the future. PP has 8.7 million shares outstanding. The cost of capital is 11\%. All of PP's net income is distributed as dividends. For simplicity, assume that the company will stay in business forever and that costs per barrel are constant at $26.70. Also, ignore taxes. Given more time you would compute the net income for 2019 , which is 62,744,500. Assume that this net income will remain constant for the foreseeable future (there will be no growth in the net Income). Question: What is the ending 2018 value of one PP share? Multiple Choice $68.6 $70.9 $65.6 $64.1 $71.9