NoGrowth Corporation currently pays a dividend of $$0\mathrm{.}41$ per quarter, and it will continue to pay this dividend forever. What is the price per share of NoGrowth stock if the firm'sLaurel Enterprises expects earnings next year of $$3\mathrm{.}65$ per share and has a $50\%$ retention rate, which it plans to keep constant. Its equity cost of capital is $9\mathrm{.}2\%,$ which is also its

expected return on new investment. Its earnings are expected to grow forever. If its next dividend is due in one year, what do you estimate the firm's current stock price to be$?$

The current stock price will be $$.($Round to the nearest cent.$)$

equity cost of capital is $19\mathrm{.}6\%?$

The stock price is $$.($Round to the nearest cent.$)$