P 7-21 (similar to) Question Help Hallford Corporation expects to have earnings this coming year of $2.825 per share Hallford plans to retain all of its earnings for the next two years. Then, for the subsequent two years, the firm will retain 55% of its earnings. It will retain 21% of its caminos from that point onward. Each year, retained earnings will be invested in new projects with an expected return of 25.1% per year. Any comings that are not retained will be paid out as dividends. Assume Halford's share count remains constant and all earnings growth comes from the investment of retained earnings, If Hallford's equity cost of capital is 11.1% what price would you estimate for Halford stock? The stock price will be (Round to the nearest cent)