Halliford Corporation expects to have earnings this coming year of $ $3\mathrm{.}188$ 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 $53\%$ of its earnings. It will retain $23\%$ of its earnings from that point onward. Each$$ year, retained earnings will be invested in new projects with an expected return of $27\mathrm{.}3\%$ per year. Any earnings that are not retained will be paid out as dividends. Assume$$ Halliford's share count remains constant and all earnings growth comes from the investment of retained earnings. If$$ Halliford's equity cost of capital is $8\mathrm{.}9\%,$ what price would you estimate for Halliford$$ stock?

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Part $1$

The stock price will be $$$

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enter your response here. $($Round to the nearest$$ cent.$)$