K Laurel Enterprises expects earnings next year of $4.23 per share and has a 50% retention rate, which it plans to keep constant. Its equity cost of capital is 10.7%, which is also its expected return on new investment. Its earnings are expected to grow forever at a rate of 5.4% 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.)

Laurel Enterprises expects earnings next year of $4.23 per share and has a 50% retention rate, which it plans to keep constant. Its equity cost of capital is 10.7%, which is also its expected return on new investment. Its earnings are expected to grow forever at a rate of 5.4% 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.)