Haliford Corporation expects to have earnings this coming year of $3.262 per share. Halliord plans to retain all of ics earnings for the next two years. Then, for the subsequent two years, the firm will retnin 52% of its eamings. It will retain 21% of its earnings trom that point onward. Each year, retained eamings will be invested in new projects with an expected retum of 27.9% per year. Amy earnings that are not retained will be paid out as dividends. Assume Hallford's share count remains constaint and all earnings growth comes from the investment of retained earnings. If Hah ford's equity cost of capital is 9.9%, What price would you estimate for Hat ford stock? The stock price with he 5 (Round to the nearest cent.)