Hallford Corporation expects to have earnings this coming year of $3.111 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 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 20.6% per year. Any earnings that are not retained will be paid out as dividends. Assumo Halliford's share count romains constant and all earnings growth comes from the investment of retained earnings. If Haliford's equity cost of capital is 10.7%, what price would you estimate for Hallford stock? The stock price will be $ (Round to the nearest cent.) Incorre