A firm with return on equity $20\%$ and beta $0\mathrm{.}9$ just distributed all its earnings $($$$12$ per share$)$ as dividends. The expected market return is $15\%$ and the risk$-$free rate is $5\%.$ The firm can keep distributing all its earnings to shareholders each year or retain $25\%$ for reinvestment.

What is the price of the stock if the firm decides to retain $25\%$ of its earnings each year moving forward?