1. A share of common stock is expected to pay the following dividends at the end of years 1 through 5, respectively: $3.50; $3.65; $3.80; $3.95; $4.10. At the end of the 5 years, the share is expected to be selling for $61.50. If you require a return of 12% on this stock, what is the most that you would be willing to pay for this share of common stock today? Hint: You can consider that you could hold this stock for 5 years, and then sell it.

   		$51.88
   		$75.08
   		$80.50
   		$59.25
   		$48.47