Laurel Enterprises pays annual dividends, and the next dividend is expected to be in one year. Laurel expects earnings next year of $3.54 per share and has a 30% 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.) The current stock price will be $. (Round to the nearest cent.)