Hassord Corporation expects to have earnings this coming year of $2.956 per share. Hallford plaris to retain all of its earnings for the next wo years. Then, for the subsequent hwo yeas, the firm wil retain 55% of its earnings if wal retain 20%, of its esmings from that point onward Each year retained earnings will be invested in new projects with an expected roturn of 24.3% peryear Any oarnings that are not rotained will be paid out as dividends Assume Hallifords shere count remains constant and all earnings growth comes from the investment of retained earnings. If Hallifords equity cost of caplal is 119%, what price would you estemate for Halliford stock? The stock price wil bes (Round to the nearest cent)