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Universal Air is a no-growth firm and has two million shares outstanding. It expects to earn a constant $15 million per year on its assets.

Universal Air is a no-growth firm and has two million shares outstanding. It expects to earn a constant $15 million per year on its assets. If it has no debt, all earnings are paid out as dividends, and the cost of capital is 12 percent, calculate the current price per share of the stock.

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