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Tolo Co plans the following repurchases: $9.7 million in one year, nothing in two years, and $20.9 million in three years. After that, it will
Tolo Co plans the following repurchases: $9.7 million in one year, nothing in two years, and $20.9 million in three years. After that, it will stop repurchasing and will issue dividends totaling $24.5 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 11.5%, what is its price per share today? .. The stock price will be s (Round to the nearest cent.)
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