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A company will pay dividends of $3.00 next year, $3.37 in year 2, and $3.99 in year 3. After which dividends will grow at a

A company will pay dividends of $3.00 next year, $3.37 in year 2, and $3.99 in year 3. After which dividends will grow at a constant rate of 3%. The stock has a required rate of return of 12%. What would be the total cash flow in year 3?

$40.18

$44.88

$45.67

$49.66

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