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Universal Air is a no-growth firm and has 2 million shares outstanding. It expects to earn a constant $29 million per year on its assets.

Universal Air is a no-growth firm and has 2 million shares outstanding. It expects to earn a constant $29 million per year on its assets. It has no debt; all earnings are paid out as dividends. The cost of capital is 10 percent. Calculate the current price per share of the stock.

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