Halliford Corporation expects to have earnings this coming year of $3.01 per share. Halliford plans to retain all of its earnings for the next two years. For the subsequent twoyears, the firm will retain 51% of its earnings. It will then retain 17% of its earnings from that point onward. Eachyear, retained earnings will be invested in new projects with an expected return of 26.97% per year. Any earnings that are not retained will be paid out as dividends. AssumeHalliford's share count remains constant and all earnings growth comes from the investment of retained earnings. IfHalliford's equity cost of capital is 10.2%, what price would you estimate for Hallifordstock?

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

The price per share is $_