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Assume Highline Company has just paid an annual dividend of $ 1.09 . Analysts are predicting...

Assume Highline Company has just paid an annual dividend of $ 1.09 . Analysts are predicting an 11.1 % per year growth rate in earnings over the next five years. After​ then, Highline's earnings are expected to grow at the current industry average of 5.6 % per year. If​ Highline's equity cost of capital is 7.6% per year and its dividend payout ratio remains​ constant, for what price does the​ dividend-discount model predict Highline stock should​ sell?

The value of​ Highline's stock is …

​(Round to the nearest​ cent.)

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