Laurel Enterprises pays annual dividends, and the next dividend is expected to be in one year Laud expects earnings next year of $3.84 per share and has a ' 50% retention rate which if plans to keop constant. Its equity cost of capital is 11%, which is also its expected retum on now 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.)