Question: Tolo Co . plans the following repurchases: $ 9 . 6 million in one year, nothing in two years, and $ 1 9 . 1

Tolo Co. plans the following repurchases: $9.6million in one year, nothing in two years, and $19.1 million in three years. After that, it will stop repurchasing and will issue dividends totaling $25.9million in four years. The total paid in dividends is expected to increase by 3.2% per year thereafter. If Tolo has 1.9 million shares outstanding and an equity cost of capital of 10.9%, what is its price per share today?

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