Laurel Enterprises pays annual dividends, and the next dividend is expected to be in one year. Laurel expects earnings next year of $ 3.99 per share and has a 30 % retention rate, which it plans to keep constant. Its equity cost of capital is 11 %, 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.) round to nearest cent.