Halliford Corporation expects to have earnings this coming year of $3.06 per share. Halliford plans to retain all of its earnings for the next two years. For the subsequent two years, the firm will retain 54% of its earnings. It will then retain 22% of its earnings from that point onward. Each year, retained earnings will be invested in new projects with an expected return o 18 07% per year. Any earnings at l fora's share count emain constant and all earnings growth comes rom the investment of retained earnings. If Hall ford's equity cost of capital is 8.1%, what price would you estimate for all ord stock? are not retained will be paid out as dividends. Assume Ha The price per share is $11. (Round to the nearest cent)