Laurel Enterprises expects eamings next year of $3.73 per share and has a 30% retention rate, which it plans to keep constant. Its equity cost of capital is 11%, which is also its expected return on new investment. If ts earnings are expected to grow forever at a rate of 3% per year, what do you estimate the firm's current stock price to be? (Hint its next dividend is due in one year.) The current stock price will be$. (Round to the nearest cent.)