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SOf, Inc. has $100 million in net earnings for the year and earnings are expected to grow at 1% annually indefinitely. The firm does not

SOf, Inc. has $100 million in net earnings for the year and earnings are expected to grow at 1% annually indefinitely. The firm does not pay a dividend, but will use 25% of its earnings for stock repurchases indefinitely. Their cost of equity is 9%, and it has 20 million shares outstanding. What the present value of their stock repurchases? What is their stock price?

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