Halliford Corporation expects to have earnings this coming year of $3.35 per share. Halliford plans to retain all of its earnings for the next two years. For the subsequent two years, the firm will retain 50% of its earnings. It will then retain 20% of its earnings from that point onward. Each year, retained earnings will be invested in new projects with an expected return of 24.21% 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 9.2% what price would you estimate for Halliford stock?

Note: Remember that growth rate is computed as: retention rate times rate of return.

I need help figuring out how calculate the EPS and Growth rate. I have tried reading the many similar problems on here and the "experts" just give the spread sheet w/ these calculated w/out saying how excel calculated them. Please explain exactly which number multiplies to get the answer.