Homework: HW7 - Chapter 7 Homework Save Score: 0 of 12 pts 7 of 10 (0 complete) HW Score: 0%, 0 of 120 pts P 7-15 (similar to) Question Help o Laurel Enterprises expects earnings next year of $4.17 per share and has a 50% retention rate, which it plans to keep constant. Its equity cost of capital is 11%, which is also its expected return on new investment. Its earnings are expected to grow forever at a rate of 5.5% per year. If its next dividend is due in one year, what do you estimate the firm's current stock price to be? The current stock price will be $ (Round to the nearest cent.)