P 7-21 (similar to) Question Help Haliford Corporation expects to have earnings this coming year of $3 322 per share. Hallitord plans to retain all of its earnings for the next two years. Then, for the subsequent two years, the firm will retain 46% of its earnings. It will retain 20% of its carings from that point onward. Each year, retained earnings will be invested in new projects with an expected return of 24.5 per year. Any earnings that are not retained will be paid out as dividends. Assume Halfords share count remains constant and all earnings growth comes from the investment of retained earnings I Halfords equity cost of capital 11.4 What price would you estimate for Hartford stock? The stock price will be (Round to the nearest cent)