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can you please show me my mistake. I did Div5/rE-g Halliford Corporation expects to have earnings this coming year of $3.326 per share. Halliford plans

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can you please show me my mistake. I did Div5/rE-g

Halliford Corporation expects to have earnings this coming year of $3.326 per share. Halliford plans to retain all of its eamings for the next two years. Then, for the subsequent two years, the firm will retain 51% of its earnings. It will retain 21% of its earnings from that point onward. Each year, retained eamings will be invested in new projects with an expected returm of 18.6% 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 11.4%, what price would you estimate for Halliford stock

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