Laurel Enterprises expects earnings next year of $4.48 per share and has a 40% retentionrate, 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 oneyear, what do you estimate thefirm's current stock price tobe?

The current stock price will be $__ (round to the nearest cent)