5. An investor bought shares of stock at time 0, received annual dividends (the last one has not been received, but is expected), and is thinking of selling them at time 5 (after receiving the dividend). If the investors time value of money is shown by the MARR value, what selling price, per share, does the investor expect?

Share purchase price 38.00

Time Dividends received (or expected) dividend Investor's MARR 0.16

1 4.00

2 4.20

3 4.00

4 3.80

5 5.00