Problem 14-3 Stock repurchases

Gamma Industries has net income of $1,600,000, and it has 1,170,000 shares of common stock outstanding. The company's stock currently trades at $64 a share. Gamma is considering a plan in which it will use available cash to repurchase 20% of its shares in the open market at the current $64 stock price. The repurchase is expected to have no effect on net income or the company's P/E ratio. What will be its stock price following the stock repurchase? Do not round intermediate calculations. Round your answer to the nearest cent.

Answer: $_________