Porter Industries has net income of $9,120,000 and it has 2,980,000 shares of common stock outstanding. The company's stock currently trades at $44.50 a share. The company is considering a plan in which it will use some available cash to repurchase 8% of its shares in the open market. The repurchase is expected to have no effect on either net income or the company's P/E ratio. What will be its stock price following the stock repurchase?

$26.05

$33.33

$40.69

$48.37

$68.73