Laurel Enterprises expects earnings next year of $3.59 per share and has a 30% retention rate, which it plans to keep constant. Its equity cost of capital is 9%, which is also it's expected return on new investment. Its earnings are expected to grow forever at a rate of 2.7% per year. If its next dividend is due in one year, what do you estimate the firms current stock price to be?

The current stock price will be $_____ (round to the nearest cent)