Laurel Enterprises expects earnings next year of $3.75 per share and has a 40% retention rate, which it plans to keep constant. Its equity cost of capital is 11%, which is also its expected return on ne investment. Its earnings are expected to grow forever at a rate of 4.4% per year. If its next dividend is due in one year, what do you estimate the firm's current stock price to be?

(Round to the nearest cent.)