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XYZ Inc. reported earnings per share of $3.7 yesterday. XYZ has no growth and currently has a 100% dividend payout rate. XYZ decides to reduce

XYZ Inc. reported earnings per share of $3.7 yesterday. XYZ has no growth and currently has a 100% dividend payout rate. XYZ decides to reduce its payout rate to 72% and reinvest the additional retained earnings in a new project that returns 9%. Please find XYZ's new share price. Assume the cost of equity of 15%. Please round your answer to two decimal places (the nearest penny).

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