Assume Highline Company has just paid an annual dividend of $1.04. Analysts are predicting an 10.8% per year growth rate in earnings over the next five years. Afterthen, Highline's earnings are expected to grow at the current industry average of 5.2% per year. IfHighline's equity cost of capital is 8.7% per year and its dividend payout ratio remainsconstant, for what price does thedividend-discount model predict Highline stock shouldsell?

The value ofHighline's stock is $

nothing

. (Round to the nearestcent.)