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Assume Highline Company has just paid an annual dividend of $1.09. Analysts are predicting an 10.5%...

Assume Highline Company has just paid an annual dividend of $1.09. Analysts are predicting an 10.5% 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 5.2% per year. If​ Highline's equity cost of capital is 8.6% 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 ​$____.

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