Assume Highline Company has just paid an annual dividend of $$2.$ Analysts are predicting an $10\%$ per year growth

rate in earnings over the next three years. After then, Highline's earnings are expected to grow at the current industry

average of $4\%$ per year. If Highline's equity cost of capital is $7\%$ 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 $$.($Round to the nearest cent.$)$