S 10. Halliford Corporation expects to have earnings this coming year of $2.72 per share. Halliford plans to retain all of its earnings for the next two years. For the subsequent two years, the firm will retain 50% of its earnings. It will then retain 20% of its earnings from that point onward. Each year, retained earnings will be invested in new projects with an expected return of 21.11% per year. Any earnings that are not retained will be paid out as dividends. Assume Halliford's share count remains constant and all earnings growth h comes from the investment of retained earnings. If Halliford's equity cost of capital is 8.8%, what price would you estimate for Halliford stock? or Note: Remenber that growth rate is computed as: retention rate x rate of return. re The price per share is $ (Round to the nearest cent.)