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ABC Inc. will pay a constant dividend of $5.99 per share in perpetuity. The required rate of return on the company's stock is 12.5%. Investors do not pay taxes on capital gains, however they do pay taxes on dividends. The dividend tax rate is 22.3%.

The company decides to stop paying the dividend and instead it will use the money to repurchase some of the company's outstanding stock each year in perpetuity. What will be new price share? Your answer should be accurate to two decimal places.