Halliford Corporation expects to have earnings this coming year of $3.02 per share. Halliford plans to retain all of its earnings for the next two years. Then, for the subsequent two yean from that point onward. Each year, retained earnings will be invested in new projects with an expected retum of 20.1% por year. Any earnings that are not retained will be paid out as di growth comes from the investment of retained earnings. If Halliford's equity cost of capital is 10.9%, what price would you estimate for Halliford stock? The stock price will be s (Round to the nearest cent.) nings for the next two years. Then, for the subsequent two years, the firm will retain 53% of its earnings. It will retain 21% of its earnings er year. Any earnings that are not retained will be paid out as dividends. Assume Halliford's share count remains constant and all eamings pu estimate for Halliford stock