Sultan Services has

1.4

million shares outstanding. It expects earnings at the end of the year of

$5.60

million. Sultan pays out 60% of its earnings in total - 40% paid out as dividends and 20% used to repurchase shares. If Sultan's earnings are expected to grow by

6%

per year, these payout rates do not change, and Sultan's equity cost of capital is

11%,

what is Sultan's share price?