Laurel Enterprises pays annual dividends, and the next dividend is expected to be in one year. Laurel expects earnings next year of $3.53 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.) The current stock price will be $ (Round to the nearest cent.) CX Enterprises has the following expected dividends: $1.07 in one year, $1.17 in two years, and $1.29 in three years. After that, its dividends are expected to grow at 3.5% per year forever (so that year four's dividend will be 3.5% more than $1.29 and so on). If CX's equity cost of capital is 12.4%, what is the current price of its stock? The price of the stock will be $ (Round to the nearest cent.)