Laurel Enterprises expects earnings next year of

$3.94

per share and has a

50%

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

4.5%

per year. If its next dividend is due in one year, what do you estimate the firm's current stock price to be?