Laurel Enterprises expects earnings next year of $3.89 per share and has a 40% retention rate, which it plans to keep constant. Its equity cost of capital is 9%, which is also its expected return on new investment. Its earnings are expected to grow forever at a rate of 3.6% 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 $L (Round to the nearest cent.)