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Please answer the question with steps and not with excel Assume Highline Company has just paid an annual dividend of $1.07. Analysts are predicting an

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Assume Highline Company has just paid an annual dividend of $1.07. Analysts are predicting an 10.8% per year growth rate in earnings over the naxt five years. After then, 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 8.1% per yeas and its dividend payout fatio remains constant, for what price does the dividend-discount model predict Highline stock should sell? The value of Highline's stock is s (Round to the nearest cent.)

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