Laurel Enterprises pays annual dividends, and the next dividend is expected to be in one year. Laurel expects to earnings next year of $3.84 per share and has 30% retention rate, which it plans to keep constant. Its equity cost of capital is 9%, which is also its expected return on new investement; this is expected to continue forever. What do yoy estimate the firm's current stock price to be? (hint; its next dividend is due in one year)

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