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Tolo Co. expects that 2 years from now it will start paying a total dividend of $9.8 million and repurchase $9.8 million worth of shares.

Tolo Co. expects that 2 years from now it will start paying a total dividend of $9.8 million and repurchase $9.8 million worth of shares. It plans to spend $19.6 million on dividends and repurchases every year after that forever, although it may not always be an even split between dividends and repurchases. If Tolo Co.'s equity cost of capital is 10.64% and it has 4.5 million shares outstanding, what is its share price today?

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