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

Analysts are predicting an 10.3% 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. 5.4 % 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. $nothing. (Round to the nearest cent.)