Laurel Enterprises pays annual$$ dividends, and the next dividend is expected to be in one year. Laurel expects earnings next year of $ $3\mathrm{.}88$ per share and has a $40\%$ retention$$ rate, which it plans to keep constant. Its equity cost of capital is $9\%,$ which is also its expected return on new$$ investment; this is expected to continue forever.

What do you estimate the$$ firm's current stock price to$$ be$?($Hint: its next dividend is due in one year$)$