AFW Industries has 182 million shares outstanding and expects earnings at the end of this year of $652 million. AFW plans to pay out 61% of its earnings in total, paying 30% as a dividend and using 31% to repurchase shares. If AFW's earnings are expected to grow by 8.6% per year and these payout rates remain constant, determine AFW's share price assuring an equity cost of capital of 12.5% What is the price per share?

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