Highline Corporation has just paid an annual dividend of $1.03. Analysts are predicting an 11.9% per year growth rate in earnings over the next five years. After that, Highline's earnings are expected to grow at the current industry average of 5.2% per year. If Highline's equity cost of capital is 7.5% per year and its dividend payout ratio remains constant, for what price does the dividend-discount model predict Highline shares should sell? The value of Highline's shares is $ ). (Round to the nearest cent.)