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 50% 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.)