Tolo Co. plans the following repurchases:

$9.7

million in one year, nothing in two years, and

$19.6

million in three years. After that, it will stop repurchasing and will issue dividends totaling

$25.3

million in four years. The total paid in dividends is expected to increase by

2.5%

per year thereafter. If Tolo has

2.1

million shares outstanding and an equity cost of capital of

11.3%,

what is its price per share today?