ABC Corporation is a fintech firm which expects to have earnings this coming year of $3 per share. ABC's capital budgeting process is currently planning to retain all its earnings for the next two years to fund anticipated projects. For the subsequent two years, the firm will retain only 60 percent of its earnings. It will then retain 30 percent of its earnings from that point going forward. Retained earnings will be invested each year in new projects with an expected return of 22 percent per year; any earnings that are not retained, will be paid out as dividends. Assume ABC's share count remains constant and all earnings growth comes from the investment of retained earnings.

If ABC's equity cost of capital is 10.5 percent, what price would you estimate for ABC stock?