Halliford Corporation expects to have eamings this coming year of $3.358 per share. Halliford plans to retain all of its earnings for the next two years. Then, for the subsequent two years, the firm will rotain 55% of its earnings. It will rotain 23% of its carnings from that point onward Each year, retained earnings will be invested in new projects with an expected return of 26.7% per yoar. Any earnings that are not retainod will be paid out as dividends. Assurne Halliford's share count remains constant and all earnings growth comes from the investmont of retained eamings. If Hallford's equity cost of capital is 8.8%, what price would your estimate for Halliford stock? The etock price will bo s (Round to the noarest cont.)