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Cates Glass recently paid $ 3 . 6 0 as an annal dividend. Future dividends are projected at $ 3 . 8 5 , $

Cates Glass recently paid $3.60 as an annal dividend. Future dividends are projected at $3.85,$4.25, and $4.75 over the next three years, respectively. Beginning four years from now, the dividend is expected to increase by 3.25 percent annually. What is one share of this stock worth today at a discount rate of 12.5 percent?
$42.92
$45.12
$45.88
$47.35
None of these answers are correct
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