Assume HighlineHighline Company has just paid an annual dividend of $$$$0\mathrm{.}910\mathrm{.}91.$ Analysts are predicting an $10\mathrm{.}9\%10\mathrm{.}9\%$ per year growth rate in earnings over the next five years. After$$ then, HighlineHighline$\text{'}$s earnings are expected to grow at the current industry average of $5\mathrm{.}6\%5\mathrm{.}6\%$ per year. If HighlineHighline$\text{'}$s equity cost of capital is $7\mathrm{.}7\%7\mathrm{.}7\%$ per year and its dividend payout ratio remains$$ constant, for what price does the$$ dividend$-$discount model predict HighlineHighline stock should$$ sell?

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Part $1$

The value of HighlineHighline$\text{'}$s stock is $$$enter your response here. $($Round to the nearest$$ cent.$)$