(Chapter 7) (similar to) Points: 0 of 1 Save Halliford Corporation expects to have earnings this coming year of $3,362 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 51% of its earnings. It will retain 20% of its earnings from that point onward. Each year, retained earnings will be invested in new projects with an expected return of 24.5% por 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 10.6%, what price would you estimate for Hallford stock? The stock price will be $ (Round to the nearest cent.)