Wayne Enterprises generates perpetual annual EBIT of $$314.($Assume that the EBIT occurs at year end and that we are currently at the beginning of a year.$)$

Wayne is all$-$equity financed with $1,000$ shares outstanding and the stockholders of Wayne require a return of $10\mathrm{.}3\%.$ Assume that Wayne Enterprises borrows

$$2,641$ and uses the money to repurchase shares for $$3\mathrm{.}25.$ The bonds pay a perpetual annual coupon at the rate of $3\mathrm{.}7\%$ and the yield to maturity of the

bonds is also $3\mathrm{.}7\%.$ There are no taxes in Wayne's world. What is the stock price after the repurchase is complete?

Round your answer to the nearest cent.

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