Question: Suppose Compco Systems pays no dividends but spent $5.11 billion on share repurchases last year. If Compco's equity cost of capital is 12.4%, and if

Suppose Compco Systems pays no dividends but spent $5.11 billion on

Suppose Compco Systems pays no dividends but spent $5.11 billion on share repurchases last year. If Compco's equity cost of capital is 12.4%, and if the amount spent on repurchases is expected to grow by 7.8% per year, estimate Compco's market capitalization. If Compco has 6.6 billion shares outstanding, to what stock price does this correspond? Compco's market capitalization will be $ billion. (Round to two decimal places.)

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