Surf & Turf Hotels is a mature business, although it pays no cash dividends. Next years earnings are forecasted at $68 million. There are 10 million outstanding shares. The company has traditionally paid out 50% of earnings by repurchases and reinvested the remaining earnings. With reinvestment, the company has generated steady growth averaging 5% per year. Assume the cost of equity is 17%. Calculate Surf & Turf s current stock price using the constant-growth DCF model. Now Surf & Turf's CFO announces a switch from repurchases to a regular cash dividend. Next years dividend will be $3.40 per share. The CFO reassures investors that the company will continue to pay out 50% of earnings and reinvest 50%. All