Enterprises expects earnings next year of $$$$3\mathrm{.}58$ per share and has a $40\%$ retention$$ rate, which it plans to keep constant. Its equity cost of capital is $9\mathrm{.}6\%,$ which is also its expected return on new investment. Its earnings are expected to grow forever. If its next dividend is due in one$$ year, what do you estimate the$$ firm's current stock price to$$ be$?$Laurel Enterprises expects earnings next year of $$3\mathrm{.}58$ per share and has a

$40\%$ retention rate, which it plans to keep constant. Its equity cost of capital is

$10\mathrm{.}7\%,$ which is also its expected return on new investment. Its earnings are

expected to grow forever. If its next dividend is due in one year, what do you

estimate the firm's current stock price to be$?$

The current stock price will be $$30\mathrm{.}17.($Round to the nearest cent.$)$

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Part $1$

The current stock price will be $$$

$$

enter your response here. $($Round to the nearest$$ cent.$)$