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Part $1$

AFW Industries has $219$ million shares outstanding and expects earnings at the end of this year of $$707$ million. AFW plans to pay out $62\%$ of its earnings in$$ total, paying $38\%$ as a dividend and using $24\%$ to repurchase shares. If$$ AFW's earnings are expected to grow by $8\mathrm{.}2\%$ per year and these payout rates remain$$ constant, determine$$ AFW's share price assuming an equity cost of capital of $11\mathrm{.}2\%.$