Hallitors Corporabion expects to have earnings this coming yoar of $2.846 per share. Haliford plans to retain al of its eamings for the next two years. Then, for the subsecuent two yeark, the frm will retain 49% of its eamings. It will retain 17% of its eomings from that point onword. Each year, rotained eamings will be invested in new propets with an expectind retum of 20 2th per yeat. Acy eamings that are not retained will be paid out as dividends. Assume Hallforers share count remains constant and al eamings growth comes from the investment of retahed earningt. if Halifordi equily cost of capital is 10.4. What what price would you estimate for Halliord stock? The stock price will be \& (Round to the nearest cent)