Assume Highline Company has just paid an annual dividend of

$ 1.09 Analysts are predicting a 10.5 % 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

5.5 % per year. If Highline's equity cost of capital is 9.3 % per year and its dividend payout ratio remains constant, for what price does the dividend-discount model predict Highline stock should sell?