AFW Industries has 177 million shares outstanding and expects earnings at the end of this...
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AFW Industries has 177 million shares outstanding and expects earnings at the end of this year of $740 million. AFW plans to pay out 62% of its earnings in total, paying 40% as a dividend and using 22% to repurchase shares. If AFWs earnings are expected to grow by 7.2% per year and these payout rates remain constant, determine AFW's share price assuming an equity cost of capital of 12.2%. The price per share will be (Round to the nearest cent.)
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