Laurel Enterprises expects earnings next year of $ 4.08$4.08 per share and has a 50 %50% retention rate, which it plans to keep constant. Its equity cost of capital is 9 %9%, which is also its expected return on new investment. Its earnings are expected to grow forever at a rate of 4.5 %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?