Laurel Enterprises expects earnings next year of $3.87 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. Its earnings are expected to grow forever at a rate of 3.3 % 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 $ nothing