halliford corporation expects to have earnings this coming year of $2.694 per share. they plan to retain all of its earnings for the next 2 years. then for the subsequent 2 years the firm will retain 48% of its earnings. It will then retain 18% of its earnings from that point onward. each year, retained earnings will be invested in new projects with an expected return of 26.5% per year. any earnings that are not retained will be paid out as dividends. assume share count remains constant and all earnings growth comes from the investment of retained earnings. if equity cost of capital is 9.4% what price would you estimate for their stock?

The stock price will be ? $