Sultan Services has 1.2 million shares outstanding. It expects earnings at the end of the year of $5.6 million. Sultan pays out 60% of its earnings in total-40% paid out as dividends and 20% used to repurchase shares. If Sultanâs earnings are expected to grow by 7% per year, these payout rates do not change, and Sultanâs equity cost of capital is 9%, what is Sultanâs share price?
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