Halliford Corporation expects to have earnings this coming year of $3.227 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 51% of its earnings. It will retain 20% of its earnings from that point orward. Each year, retained earnings will be invested new projects with an expected retum of 27.6% per year. Any earnings that are not retained will be paid out as dividends. Assume Halford's share count remain constant and all earnings growth comes from the investment of retained earnings. If Halliford's equity cost of capital is 10.5%, what price would you estirante for Hall stock? The stock price will be (Round to the nearest cont.)