Assume you plan to buy a share of stock today and hold it for six years. You will not receive any dividends until the end of the sixth year. The dividend in the sixth year is expected to be $6.00. Also you expect to sell the stock for $70 at the end of the sixth year. The required rate of return is 11%. How much should you pay for the stock today?

TO RECEIVE CREDIT FOR THIS QUESTION YOU MUST SHOW BOTH YOUR ANSWER, ROUNDED TO TWO DECIMAL PLACES, AND THE CALCULATIONS YOU USED TO ARRIVE AT THAT ANSWER.

Assume you plan to buy a share of stock today and hold it for six years. You will not receive any dividends until the end of the sixth year. The dividend in the sixth year is expected to be $6.00. Also you expect to sell the stock for $70 at the end of the sixth year. The required rate of return is 11%. How much should you pay for the stock today? TO RECEIVE CREDIT FOR THIS QUESTION YOU MUST SHOW BOTH YOUR ANSWER, ROUNDED TO TWO DECIMAL PLACES, AND THE CALCULATIONS YOU USED TO ARRIVE AT THAT