PLEASE USE THE STEPS THAT ARE LISTED !!!

Try again. To determine the value of a share of Highline stock, follow these steps First, to find the value of the first 5 dividend payments, use the following formula PV0(First5Dividends)=rEgDiv1[1(1+rE1+g)5] Next, to determine the value at year 5 of the rest of the dividend payments, use the following formula PV5(DividendsafterYear5)=rEgDiv6 Then, discount the above value to the present using this formula: PV0(DividendsafterYear5)=(1+rE)5PV5 Finally, to determine the value of Highline's stock, use the following formula: Assume Highline Company has just paid an annual dividend of $0.98 Analysts are predicting an 11.2% 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 should sell? The value of Highline's stock is $ (Round to the nearest cent.)