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Tolo Co. plans the following repurchases: $10.3 million in one year, nothing in two years, and $19.7 million in three years. After that, it will
Tolo Co. plans the following repurchases: $10.3 million in one year, nothing in two years, and $19.7 million in three years. After that, it will stop repurchasing and will issue dividends totaling $24.1 million in four years. The total paid in dividends is expected to increase by 3.3% per year thereafter. If Tolo has 2 million shares outstanding and an equity cost of capital of 11.4%, what is its price per share today? The stock price will be $ (Round to the nearest cent.)
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