Haliford Corporation expects to have earnings this coming year of $2.731 per share. Haliford plans to retain all of its earnings for the next two years. Then, for the subsequent two years, the firm will retain 48% of its earings. It will retain 21% of its earings from that point onward. Each year, retained earnings wil be invested in new projects with an expected return of 202% per year. Any earnings that are not retained will be paid out as dividends. Assume Haliford's share count remains constant and aleaming growth comes from the investment of retained eamings I Haliford's equity cost of capital is 8.5%, what price would you estimate for Haliford stock? The stock price will be $(Round to the nearest cent.)