Shatin Intl. has 10.1 million shares, an equity cost of capital of 13.4% and is expected to pay a total dividend of $19.4 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 $10.1 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.)

Please show all steps to both questions please.