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Station Intl has 10 milion shares, an equity cost of capital 12%, and is expected to pay a total dividend of $22 million each year

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Station Intl has 10 milion shares, an equity cost of capital 12%, and is expected to pay a total dividend of $22 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 $15 million of stock each year as well. How much will its stock price increase? The stock price will increase by (Round to the nearest cent)

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