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Please round how directions specify. Shatin Intl. has 9.6 million shares, an equity cost of capital of 13.2% and is expected to pay a total

image text in transcribedPlease round how directions specify.

Shatin Intl. has 9.6 million shares, an equity cost of capital of 13.2% and is expected to pay a total dividend of $20.8 million each year forever. It announces that it will increase its payout to shareholders. Instead of increasing its dividend, it will keep it constant and will start repurchasing $10.3 million of stock each year as well. What is your estimate of Shatin's stock price after this announcement? The stock price will be $(Round to the nearest cent.)

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