his Question: 4 pts 2 of 4 (2 complete) This Test: 10 pts possible The following spreadsheet of Halliford's expected EPS and dividends per share can help determine the present value of the expected dividends. Year 0 1 2 3 5 Eaming growth (versus prior year) 18.56% 10.02% 3.16% 4.08% 3.34% Eaming (million) $452 $535.89 $589.59 $608.22 $633.04 $654.18 Retention ratio 100% 54% 22% 18% 18% Dividend payout ratio 0% 46% 83% 78% 82% 82% From year 5 on dividends grow at constant rate of 3.34% and Haliford will retain 18% of its earnings from that point onward. If Halliford has 73 million shares outstanding and if it's equity cost of capital is 8.5%, what price would you estimate for Haliford stock? 17% The stock price will be $ (Round to the nearest cent.) W