Tolo Co. plans the following repurchases:

$ 9.9

million in one year, nothing in two years, and

$ 19.9

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

$ 25.4

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

3.3 %

per year thereafter. If Tolo has

1.8

million shares outstanding and an equity cost of capital of

11.3 %

,

what is its price per share today?

The stock price will be

$nothing

.

(Round to the nearest cent.)