Lionel Chemicals expects to have earnings of $8.00per share during the fiscal year ending in 1 year on February 12, 2020. The firm currently plans to retain 85 percent of earnings at the end of each of the next three fiscal years (ending on February 12, 2020, 2021and 2022). During this period, the chief financial officer projects that the rate of return on equity (ROE) for the firm's new investments will be 29.412 percent. During the fiscal year ending on February 12,2023, the firm plans to respond to a decline in the ROE for new investments to 12 percent by increasing the firm's dividend payout to 40 percent of earnings. The CFO is confident the firm will be able to maintain this reduced payout ratio and ROE on new investment forever. Assuming the firm's cost of equity capital is 9.7percent, determine the current stock price for Lionel Chemicals.