Halliford Corporation expects to have earnings this coming year $3.255 of per share. Halliford plans to retain all of its earnings for the next two years. Then, for the subsequent two years, the firm will retain 55% of its earnings. It will retain 23% of its earnings from that point onward. Each year, retained earnings will be invested in new projects with an expected return of 20.1% per year. Any earnings that are not retained will be paid out as dividends. Assume Halliford's share count remains constant and all earnings growth comes from the investment of retained earnings. If Halliford's equity cost of capital is 11.3% , what price would you estimate for Halliford stock?

Can you please use excel and show the formulas used with formula text. Also I am very confused on how to calculate the EPS growth rate for the different years, if you can please show that calculation too. Thank you so much