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Shatin In has 10 million shares, an equity cost of capital of 13% and is expected to pay a total dividend of $20 milion each

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Shatin In has 10 million shares, an equity cost of capital of 13% and is expected to pay a total dividend of $20 milion each year forever It announces that will increases payout to shareholders Instead of increasing is dividend it will keep it constant and will start repurchasing $10 million of stock each year as well. What is your estimate of Shatin's stock price after this announcement? The stock price will be 5 23.08 Round to the nearest cent)

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