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Part $1$

Valence Electronics has $245$ million shares outstanding. It expects earnings at the end of the year of $ $810$ million. Valence pays out$40\%$ of its earnings in total$-15\%$ paid out as dividends and$25\%$ used to repurchase shares. If$$ Valence's earnings are expected to grow by $5\%$ per$$ year, these payout rates do not$$ change, and$$ Valence's equity cost of capital is $9\%,$ what is$$ Valence's share$$ price?