Shatin Intl. has 9.5 million shares, an equity cost capical of 13% and is expected to pay a total divident of $19.1 million each year forever. It announces that it will increase its payout to shareholders. Instead of keeping its dividends it will keep it constant and will start repurchasing $10.1 million of stock each year. What is your estimate of Shatins stock price after this announcement? In the nearest cent.

It will keep it constant.