(Solved): Assume Highline Company has just paid an annual dividend of $1.08. Analysts are predicting an 10.3% ...

Assume Highline Company has just paid an annual dividend of

. Analysts are predicting an

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

per year. If Highline's equity cost of capital is

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.)