Tarmac Airlines has $115$ million shares outstanding and expects earnings at the end of this year of $$370$ million. Tarmac plans to pay out $40\%$ of its earnings as a dividend and $20\%$ of its earnings through share repurchases. The firm has an equity cost of capital of $8\%.$ If Tarmac' earnings are expected to grow by $3\%$ per year and these payout rates remain constant, what is Tarmac's share price?

Question $38$ options:

$$38\mathrm{.}61$

$$24\mathrm{.}13$

$$64\mathrm{.}35$

$$25\mathrm{.}74$

$$16\mathrm{.}09$