Laurel Enterprises expects earnings next year of $4.13

per share and has a 50% retentionrate, 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

5.5% per year. If its next dividend is due in oneyear, what do you estimate thefirm's current stock price tobe?

The current stock price will be? (Round to the nearestcent.)