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Halliford Corporation expects to have earnings this coming year of $ 3.021 per share. Halliford plans...

Halliford Corporation expects to have earnings this coming year of $ 3.021 per share. Halliford plans to retain all of its earnings for the next two years.​ Then, for the subsequent two​ years, the firm will retain 46 % of its earnings. It will retain 21 % of its earnings from that point onward. Each​ year, retained earnings will be invested in new projects with an expected return of 23.9 % per year. Any earnings that are not retained will be paid out as dividends. Assume​ Halliford's share count remains constant and all earnings growth comes from the investment of retained earnings. If​ Halliford's equity cost of capital is 8.2 %, what price would you estimate for Halliford​stock?

The stock price will be ____________

​(Round to the nearest​ cent.)

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