Assume Highline Company has just paid an annual dividend of $ 0.94.

Analysts are predicting an 10.9 % 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 5.3 % per year. If Highline's equity cost of capital is 7.8 % per year and its dividend payout ratio remains constant, for what price does the dividend-discount model predict Highline stock shouldsell ( what is the value of highlines stock) ?