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Part $1$

The price per share will be $$$enter your response here. $($Round to the nearest$$ cent.$)$AFW Industries has $197$ million shares outstanding and expects earnings at the end of this year of $$686$

million. AFW plans to pay out $64\%$ of its earnings in total, paying $34\%$ as a dividend and using $30\%$ to

repurchase shares. If AFW's earnings are expected to grow by $8\mathrm{.}5\%$ per year and these payout rates

remain constant, determine AFW's share price assuming an equity cost of capital of $12\mathrm{.}2\%.$

The price per share will be $ $\_\_\_\_\_$

$($Round to the nearest cent.$)$