Laurel Enterprises pays annual dividends, and the next dividend is expected to be in one year. Laurel expects earnings

next year of $$3\mathrm{.}64$ 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 $$.($Round to the nearest cent.$)$