Laurel Enterprises Expects Earnings Next Year Of 3 73 Per Share And Has A 30 Ret

Laurel Enterprises expects earnings next year of $3.73 per share and has a 30% retention​ rate, which it plans to keep constant. Its equity cost of capital is 11%​, which is also its expected return on new investment. If its earnings are expected to grow forever at a rate of 3% per​ year, what do you estimate the​ firm’s current stock price to​ be? ​ (Hint: its next dividend is due in one​ year.)

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