please show work and please dont use excel

P 7-21 (similar to) Question Helo Haliford Corporation expects to have earnings this coming year of $2.748 per share. Halliford plans to retain all of its earnings for the next two years. Then, for the subsequent two years, the firm will retain 53% of its earnings. It will retain 17% of its eamings from that point orward. Each year, retained earnings will be invested in new projects with an expected return of 20 21 per year. Any earnings that are not retained will be paid out as dividends. Assume Halifords share count remains constant and all earnings growth comes from the investment of retained earnings if Halliford's equity cost of capital is 9.2%, what price would you estimate for Holifand stock? The stock price webe (Round to the nearest cent) SO Homework: Chapter 7 Score: 0 of 3 pts P 7-21 (similar to) 12 of 12 11 complete) HW Score: 84.21%, 16 of 19 Question Help Halliford Corporation expects to have earnings this coming year of $2.748 per share, Holliford plans to retain all of its earnings for the next two years. Then, for the subsequent two years, the firm will retain 53% of its earnings. It will retain 17% of its earnings from that point orward. Each year, retained earnings will be invested in new projects with an expected return of 20,2 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 comes from the investment of retained earning if Hallford's equity cost of capital is 9.2%, what price would you estimate for Halliford stock? The stock price will be (Round to the nearest cent)